We grow Li codoped (Ga,Mn)As layers with nominal Mn composition up to 0.15 by molecular beam epitaxy. The layers before and after annealing are characterized by x-ray diffraction, transport, magnetization, and ferromagnetic resonance measurements. The codoping with Li reduces the lattice constant and electrical resistivity of (Ga,Mn)As after annealing. We find that (Ga,Mn)As:Li takes similar Curie temperature to that of (Ga,Mn)As, but with pronounced magnetic moments and in-plane magnetic anisotropy, indicating that the Li codoping has nontrivial effects on the magnetic properties of (Ga,Mn)As.