The present invention relates to an improved process for the preparation of unilamellar liposomal composition of a polyene antibiotic drug that is stable and show better purity profile. The present inventors when tried preparing liposomal composition of polyene antibiotic drug by following processes known in the prior art, they faced with several problems such as formation of higher level of lipid impurities, formation of drug-related impurities, formation of vesicles having distorted morphology, uneven size and shaped vesicles. In view of these problems faced, there was a need in the art to develop a process of preparing a liposomal composition of polyene antibiotic that shows better purity profile with reduced levels of lipid degradation as well as drug degradation. The present invention fulfills this need. The present invention provides an improved process for the preparation of unilamellar liposomal composition of polyene antibiotic drug and further provides liposomal composition of polyene antibiotic drug that is stable, shows better purity profile with reduced levels of lipid and drug degradation.