Lanthanide-doped upconverting nanoparticles (UCNPs) are wellknown for their inherent ability to convert low energy near-infrared (NIR) excitation wavelengths into higher energy emission wavelengths covering the ultraviolet (UV) to NIR regions. This optical feature makes UCNPs highly attractive for a broad range of applications including (bio)imaging and the biomedical use of light-triggered processes such as drug release. In the quest for novel theranostic approaches, the combination of multiple modalities on a single nanoscale platform, for example, combining optical imaging and drug delivery, is very desirable. In this context, liposomes, artificially prepared constructs composed of a lamellar phase lipid bilayer, have been introduced as suitable nanocarriers for UCNPs. Here, we developed a hybrid nanocarrier consisting of Er3+ and Yb3+ co-doped NaGdF4 UCNPs that were encapsulated in the aqueous core of the liposomes and the potential of the obtained nanocarriers for drug delivery was shown by co-loading the model anticancer drug doxorubicin (DOX). Under 980 nm excitation, a decrease of the green upconversion emission of the NaGdF4:Er3+, Yb3+ UCNPs was observed when DOX was co-loaded with the UCNPs in the liposome nanocarrier. This quenching effect is assigned to the energy transfer between the donor UCNP and the acceptor DOX and is most significant, since it allows for the spectral monitoring of the DOX loading and release from the liposome nanocarriers. Thus, the drug loading, release, and spectral monitoring properties of the obtained liposome nanocarriers were thoroughly characterized allowing us to assess their future potential as theranostic nanocarriers.