A fiber-optic dipping liquid analyzer (FDLA) is developed for measuring liquid properties such as concentration, refractive index, surface tension, and viscosity. An important feature of the FDLA is that a liquid drop is introduced on the end face of a fiber probe, and the drop can be regarded as a planar-convex lens. The light transmitting path and receiving power are affected by the refractive index of the liquid drop. We present a theoretical and experimental analysis of the light transmission. A mathematical model of receiving power is established based on paraxial refraction imaging and fiber reflective intensity modulation methods. Sucrose-water solutions were tested with the FDLA. The experimental results agree well with the theoretical analysis.