The generation of terahertz (THz) radiation during the propagation of subpicosecond pulses in liquid media is investigated using a theoretical model considering the relative contribution of Kerr and plasma nonlinearity. The dependences of the THz emission generation efficiency on the contribution of plasma nonlinearity with a fixed third-order nonlinearity value revealed the existence of weak and strong ionization modes. It is shown that the transition between these modes is determined by the ratio of plasma to Kerr nonlinearity coefficients and the pump energy. In the strong ionization mode and with the fixed contribution of plasma nonlinearity, the optical-to-THz conversion efficiency decreases with increasing Kerr nonlinearity due to the redistribution of the pump energy for the third-order effects. These results contribute to estimating the potential of liquid media as highly efficient THz sources.