The present situation and the future of lipid microsphere (LM) as a drug carrier are reviewed. LM has been used as a parenteral nutrient agent for nearly 50 years and already evaluated to be safe. Dexamethason palmitate and alprostadil (PGE1) encapsulated in LM are successful examples with enhanced efficacy and specific distribution. These LMs are eliminated from blood stream very fast : Reticuroendotherial system and lipoprotein lipase are considered to be major factors affecting plasma clearance. If we have different kind of LM with long plasma half-life, LM could have wide application as a drug carrier.