Liposome-based drugs have emerged as highly successful nanomedicines for clinical applications owing to their excellent biocompatibility, biodegradability, and targeting effects. However, the lipids that play a crucial role in most liposome formulations are often engineered rather than natural phospholipids. From this perspective, we outlined the classification of engineered lipids based on their material chemistry, including charged, polymerconjugated, ligand-conjugated, and choline phosphate lipids. We also discussed their drug, gene, protein, and probe delivery applications. With the increasing requirements for the innovation of nano drug excipients by the Food and Drug Administration, attention to drug efficacy and side effects has increased in clinics, and the development of superior engineered lipids has become urgent. Therefore, we aim to provide a new idea for developing engineered lipids in which lipids can be engineered with minimal chemical structure changes to achieve maximum functions enhancement, with choline phosphate lipids being a favorable choice. In the future, novel engineered lipids and liposomes should be developed with more powerful functions and superior therapeutic safety, which will allow their utilization in the diagnosis and treatment of major diseases and be valuable for more clinical applications.