The phospholipid polyethylene glycol alkyne (DSPE PEG Alkyne) can be used to modify proteins, peptides and other materials or small molecules. Alkynyl (- ALK) can react with copper catalyzed azide in aqueous solution. 2-Distearoyl-sn-Glycero-3-Phosphoethanolamine (DSPE) conjugated polyethylene glycol is a combination of phospholipid and polyethylene glycol with hydrophilicity and hydrophobicity. Polyethylene glycol phospholipid liposomes form high-quality materials, which can be used for drug delivery, gene transfection and vaccine delivery. PEGylated phospholipid can significantly improve blood circulation time and stabilize drug encapsulation. These materials can also be used for targeted drug delivery by modifying ligands with target surfaces such as antibodies and peptides.