The encapsulation of anticancer agent in carrier system protects healthy tissues from its cytotoxic effects. In the present study estrogen receptor targeted liposomes encapsulating doxorubicin was designed to enhance the efficiency of delivery of doxorubicin to its destination site. The liposomal formulations showed change in the biodistribution profile. Targeted formulation accumulates more in breast and uterine tissues. ER-targeted formulation of antineoplastic agents could be potentially useful for treatment of ER positive tumors such as breast and uterus.