Indocyanine green (ICG) is a near-infrared fluorophore approved for human use which has been widely used for various clinical applications. Despite the well-established clinical usage, our understanding about the microscopic in vivo pharmacokinetics of systemically administered ICG has been relatively limited. In this work, we successfully visualized real-time in vivo pharmacokinetic dynamics of the intravenously injected free-form and liposomal ICG in cellular resolution by utilizing a custom-built video-rate near infrared laser-scanning confocal microscopy system. Initial perfusion and clearance from blood stream, diffusion into perisinusoidal space, and subsequent absorption into hepatocyte were directly visualized in vivo. The quantification analysis utilizing the real-time image sequences revealed distinct dynamic in vivo pharmacokinetic behavior of free-form and liposomal ICG. Usta, "Long-term maintenance of a microfluidic 3D human liver sinusoid," Biotechnol. Bioeng. 113(1), 241-246 (2016). 46. J. C. Ryan, K. W. Dunn, and B. S. Decker, "Effects of chronic kidney disease on liver transport: quantitative intravital microscopy of fluorescein transport in the rat liver," Am.