This article provides the author's perspectives on the current molecular-level understanding of thermophysical properties and transport processes in liquids. After illustrating peculiarities of the thermophysical properties of some common liquids using experimental data on their specific heat, thermal conductivity, and viscosity, the article moves on with a summary of existing molecular pictures and theoretical approaches on liquids, followed with elaborations on different models developed for the specific heat, thermal conductivity, and viscosity. The review shows that current understanding of thermophysical properties of liquids is still poor and theoretical tools to study them are not well developed. The article provides personal views of the author on what is missing in current theories. Furthermore, it explains underlying mechanisms for some experimental observations and suggests potential directions of future research.