In this review of liquid ventilation, concepts and applications are presented that summarise the pulmonary applications of perfluorochemical liquids. Beginning with the question of whether this alternative form of respiratory support is needed and ending with lessons learned from clinical trials, the various methods of liquid assisted ventilation are compared and contrasted, evidence for mechanoprotective and cytoprotective attributes of intrapulmonary perfluorochemical liquid are presented and alternative intrapulmonary applications, including their use as vehicles for drugs, for thermal control and as imaging agents are presented.