A targeted iron chelator delivery system that comprises an iron chelator, a targeting agent and a lipid carrier, e.g., a liposome, is provided. The iron chelator delivery system may be used to remove excess iron from specific organs such as, for example, heart and liver tissue. Methods for preparing and administering the targeted iron chelator delivery system are also provided. The iron chelator delivery system may be administered during a blood transfusion to prevent iron overload.