In hover, the lip of a lift fan plays a crucial role, contributing to nearly half of the lift for the VTOL aircraft power plant. Thus, investigating the geometric parameters that influence lip performance is of significant importance. In this study, four types of lift fan lips were designed, tailored to meet specific application requirements. Numerical analysis, validated through experimental data, was employed to examine the flow field and the geometric factors that lead to variations in lip performance. Based on the findings, the relationship between lip geometric parameters and aerodynamic performance was thoroughly investigated and confirmed. The results demonstrate that, at a rotational speed of 10 000 r/min, the non-dimensional lift and non-dimensional mass flow of the lemniscate lip exhibit improvements of 33% and 9.5%, respectively, compared to lips designed based on NACA65. Among the various lip configurations, it is found that the performance parameters of the lip are optimal when the slope of the inner surface equaled twice the slope of the lemniscate. On the other hand, when the slope deviated from this optimal value, whether greater or lesser, a reduction in lip performance was observed. Specifically, at a rotational speed of 10 000 r/min, the lip designed based on a lemniscate slope could increase the total lift of the lift fan by 5.6% when compared to the lemniscate lip.