The transcription in the development of western music history is considered important genre by composers and performers all the time. Numerous musicians had greatly participated by the transcribing different types of musical works. Franz Liszt (1811-1886) is one of the most representative composers in the field of piano transcription during the Romantic period. The object of this research focuses on Liszt's piano transcriptions of Schubert's lieder, which is divided into three parts: (1) the meaning and type of transcription; (2) the overview and classification of Liszt's piano transcription; (3) the writing of characteristic and keyboard technique in Liszt's piano transcriptions of Schubert's lieder. The result of this project can facilitate the learners and the piano players who study the reference and the interpretation of music performance in this field.