The present invention relates to bulk sterilized parenteral suspension formulations comprising water insoluble drugs suitable for parenteral use. Further, a process of preparation of such bulk sterilized suspension compositions employing conventional sterilization process under homogenization is also disclosed. The sterilization under homogenization is carried for prolonged period and the finally aseptically filled into suitable container closure systems. The bulk sterilized suspensions prepared by using the current invention exhibited good physical and chemical stability.