Photodynamic therapy (PDT) is a photochemical-based modality of cancer treatment that uses a combination of a photosensitizer, light and molecular oxygen. Application of liposomal nanocarriers to deliver photosensitizers to tumor targets has become a major direction of PDT research. The present study investigates conventional and sterically stabilized liposomal formulations of the photosensitizer mTHPC, Foslip® and Fospeg®, with a view to determine the parameters for optimizing liposomal PDT. The characterization of in vitro behaviour of liposomal mTHPC was conducted, with an emphasis on drug localization, aggregation state and photophysical properties of the compounds in liposomes. We demonstrated the monomeric state of mTHPC in lipid vesicles and a partial localisation of mTHPC in Fospeg® in a PEG shell, while the main part was bound to the lipid bilayer. We further studied the drug release kinetics and binding pattern to serum proteins and the destruction of liposomes in serum. With this aim, a fluorescence-based methodology of estimating mTHPC release both in vitro and in vivo was developed, as well as an in vitro assay to characterize liposome destruction. The release of mTHPC from PEGylated liposomes was delayed compared with conventional liposomes along with greatly diminished liposome destruction. Knowledge of these parameters allows to better predict the drug release rate, pharmacological parameters and in vivo tumoricidal effect. The PDT treatment could be more advantageous with Fospeg® compared to mTHPC embedded in conventional liposomes.