This review describes and provides an overview of, and recent developments in, the area of liposomal contrast agents as applied to the diagnostic specialities of magnetic resonance, computed tomography, nuclear medicine and ultrasonography. Following a brief background of the clinical context and role of contrast agents in these various modalities, the review presents, where appropriate, a discussion of the theoretical background, as well as the critical design considerations pertinent to the rational and optimal delivery of contrast using lipid vesicles. Each section describes recent applications not covered by earlier reviews and concludes with a brief discussion of questions that remain unanswered or unresolved, that would merit further study.