Liquid biopsy (LB)-based methods enable less invasive and repeatable sample collection from various body fluids of cancer patients including blood, urine, and cerebrospinal fluid. Samples retrieved by LB can be used to characterize intact tumor cells or tumor-associated products such as RNA, DNA, extracellular vesicles, and proteins. Applications of LB include early detection, risk stratification, treatment guidance, and detection of relapse of (solid) tumors. Despite its enormous potential, the use of LB is currently limited to clinical trials and a small number of approved tests. The implementation of LB in clinical practice promises a more personalized cancer treatment with improved detection and survival rates. In this article, the authors provide an overview of the most common LB methods and critically review the current study situation. Additionally, potential hurdles that must be overcome and efforts for clinical implementation are discussed.