Photoacoustic imaging has demonstrated great potential in clinical diagnosis and treatment monitoring, with the use of exogenous contrast agents further expanding its imaging capabilities. In recent years, significant progress has been made in the research on liposomal photoacoustic contrast agents. This review analyzes the major challenges currently facing liposomal photoacoustic contrast agents, including issues related to stability and in vivo safety. It further discusses the preparation methods of liposomes, surface modification strategies, and their biomedical applications. Finally, the future development direction of liposomal photoacoustic contrast agents is discussed.