Malignant phyllodes tumor may occur with heterelogous differentiation. Sarcomatous stromal elements that may be seen in these tumors include angiosarcoma, chondrosarcoma, leiomyosarcoma, osteosarcoma, rhabdomyosarcoma, and liposarcoma. However, liposarcomatous stromal differentiation in malignant phyllodes tumor is very rare. We report a case of an 18-year-old lady who presented with a 4-months history of recurrent huge rapidly growing ulcerated left breast mass. A clinical impression of ulcerated malignant phyllodes tumor was made. Simple mastectomy was necessary due to the recurrent nature of the lesion, presentation, and available facilities. Histological findings revealed a lesion exhibiting leaf-like pattern and composed of a highly cellular stroma demonstrating myxoid changes, liposarcomatous differentiation including lipoblasts and bizarre tumor giant cells. A histologic diagnosis of malignant phyllodes tumor with liposarcomatous differentiation was made. She had an un-eventful post-operative period and was discharged to follow up.