A method of preparing a lysolecithin composition. The method includes the steps of (a) providing a lecithin mixture including a lecithin, water, and ethanol, (b) adding phospholipase A1 or A2 to the lecithin mixture; and (c) allowing an enzymatic reaction to occur so that at least 70% of the phospholipids in the lecithin are converted to lysophospholipids to obtain the lysolecithin composition. Also disclosed are a lysolecithin composition thus prepared, a flavor emulsion prepared from the lysolecithin composition, and a liquid beverage or liquid beverage concentrate containing the lysolecithin composition.