Liposomes have been successfully employed in the clinic for several drugs to improve pharmacokinetics and reduce side effects. Furthermore, liposomes can be functionalized with antibodies for targeted delivery to cells that express the antigen. While the monoclonal antibody trastuzumab has been employed in the therapy of HER2-positive breast cancer, the resistance developed during treatment has been widely reported. Drugs, such as rapamycin, a lipophilic mTOR inhibitor, could be used in combination with trastuzumab for improved therapeutic response. In this study, we aimed to develop rapamycin-loaded liposomes and immunoliposomes with trastuzumab, characterize them and evaluate their in vitro cytotoxicity. Results showed that the SPC:Chol:DSPE-PEG formulation prepared at 1:10 drug to lipid ratio presented high encapsulation efficiency, appropriate particle size, low polydispersity, negative zeta potential and colloidal stability. Within the liposomes, rapamycin exhibited intermolecular interactions with lipids and underwent crystallinity reduction, indicated by FTIR and DSC. Rapamycin-loaded immunoliposomes were prepared with high trastuzumab functionalization efficiency, antibody stability and similar particle size, polydispersity and rapamycin encapsulation obtained with nontargeted liposomes. Cytotoxicity studies showed that the HER2-positive SK-BR-3 cell line was sensitive to trastuzumab, either as free drug or in the context of immunoliposomes, and is more sensitive to rapamycin than the triple negative MDA-MB-231 cells. For MDA-MB-231, the liposomal rapamycin was more cytotoxic than the free drug. Furthermore, the immunoliposomes showed potent cytotoxicity against SK-BR-3 cells. Finally, rapamycin and trastuzumab exhibited in vitro synergistic effect, particularly through immunoliposomes.