International Fusion Materials Irradiation Facility (IFMIF), being jointly developed by EU, JA, RF and US, is a deuteron-lithium (Li) stripping reaction neutron source for fusion materials testing. In 2002, a 3 year Key Element technology Phase (KEP) to reduce the key technology risk factors was completed. A liquid Li target has been designed to produce intense high energy neutrons (2 MW/m 2 ) up to 50 dpa/year by 10 MW of deuterium beam deposition which corresponds to an ultra high heat load of 1 GW/m 2 . This paper describes the latest design of the liquid Li target system reflecting the KEP results and future prospects.