Liposteroid, a lipid emulsion containing dexamethasone, was developed in Japan. This drug is effective against rheumatoid arthritis, and has fewer side effects than dexamethasone. Moreover, at high dosage, liposteroid has been effectively used for the treatment of macrophage activation syndrome, because the lipid emulsions are easily taken up by phagocytes, and are retained in macrophages. Its anti-inflammatory effect was found to be 2-5 times higher than that of dexamethasone in arthritis and granuloma rat models. Japanese researchers have reported the clinical efficacy and utility of liposteroid in the treatment of diseases with macrophage activation. These include hemophagocytic lymphohistiocytosis, graft-versus-host disease, and pulmonary hemosiderosis. Here, we describe the clinical effects of liposteroid on macrophage activation syndrome and the hypothalamus-pituitary-adrenal axis in patients.