Fatty acid liposomes are normally used to represent membrane system due to the easier preparation and readily available compared to phospholipids. In this study, soy lecithin which contains mixed phospholipids was incorporated into the oleic acid liposomes to produce a novel PEGylated liposomes namely POLL using the thin lipid hydration method. The Critical Vesicular Concentration (CVC) of soy lecithin liposomes was found to be 0.1mmoldm−3and this can be prepared within the pH range of 6.7–8.5. According to micrograph obtained from High Resolution-Transmission Electron Microscope (HR-TEM) and Optical Polarizing Microscope (OPM), liposomes were confirmed to have the spherical shape. Further addition of soy lecithin reduced the negativity of the POLL surface charge, reduced the average hydrodynamic size to a minimum of 288nm and remained stable over 28days. Encapsulation of four commercially available anticancer drugs yielded more than 60% encapsulation efficiency, which is significantly higher than using naked soy lecithin liposomes.