It is an object of the present invention to provide a liquid preparation which excels in stability with no occurrence of precipitates and lees even after long storage. The liquid preparation contains a lipophilic material, a sucrose fatty acid ester, a polyoxyethylene hydrogenated castor oil, a polyglycerin fatty acid ester, a polyol and water. Also provided are a pharmaceutical preparation, cosmetic preparation, food and drink which contain the liquid preparation.