Skin act as a major target as well as a principle barrier for transdermal drug delivery. Vesicular system is one of the most promising approaches for transdermal delivery of active substances. Liposomes are most commonly used vesicular delivery system. But it has certain limitations such as lesser stability, reduced encapsulation efficiency, etc led to formulation of ethosomes. In the present work we encapsulated various concentration of Miconazole Nitrate (an antifungal drug) within ethosome and liposome and made a comparative evaluation of their morphology, size, potential, stability and anti-fungal efficacy. Ethosomes showed better stability, encapsulation efficiency and anti-fungal activity as compared to liposome due to its ethanolic content. So ethosomal formulation may prove as a very promising option for transdermal delivery and has potential for new opportunities for topical application of Miconazole Nitrate in the fungal infections.