The influence of liposomes on the photostabilization of riboflavin in an aqueous formulation was studied under fluorescent light at various conditions. Liposomal composition, concentration, pH, and ionic strength were varied. The photostability of riboflavin was found to increase in the presence of neutral and negatively-charged liposomes but to decrease in association with positively-charged liposomes. Furthermore, increasing the concentration of dimyristoyl-phosphatidylcholine (DMPC) in the composition of the liposomes resulted in an enhancement in the photostability of riboflavin such that at 5.8mM DMPC concentration a 2.3 fold increase in photostability was observed compared to control buffer solution. The pH of the medium influenced the photostability of riboflavin. However, the ionic strength of solution appeared to demonstrate no significant effect. The photodegradation reactions appeared to follow first-order kinetics in the presence and absence of liposomes.