In this study, the encapsulation of saffron extract (SE) was examined at four various concentrations of soy lecithin (0.5%–4% w/v) and constant concentration of SE (0.25% w/v). Particle size and zeta potential of liposomes were in the range of 155.9–208.1 nm and −34.6–43.4 mV, respectively. Encapsulation efficiency was in the range of 50.73%–67.02%, with the stability of nanoliposomes in all treatments being >90%. Encapsulated SE (2% lecithin) was added to ricotta cheese at different concentrations (0%, 0.125%, 1%, and 2% w/v), and physicochemical and textural properties of the cheese were examined. Lecithin concentration significantly (p ≤ 0.05) affected the particle size, zeta potential, stability, and encapsulation efficiency of the manufactured liposomes. In terms of chemical composition and color of the functional cheese, the highest difference was observed between the control cheese and the cheese enriched with 2% liposomal encapsulated SE. Hardness and chewiness increased significantly (p ≤ 0.05) in the cheeses containing encapsulated SE compared to the control cheese. However, there was no significant difference in the case of adhesiveness, cohesiveness, and gumminess among different cheeses. Overall, based on the findings of this research, liposomal encapsulation was an efficient method for the delivery of SE in ricotta cheese as a novel functional food.