In this paper, we rigorously construct 2d Liouville Quantum Field Theory on the Riemann sphere introduced in the 1981 seminal work by Polyakov Quantum Geometry of bosonic strings. We also establish some of its fundamental properties like conformal covariance under PSL2(C)-action, Seiberg bounds, KPZ scaling laws, KPZ formula and the Weyl anomaly (Polyakov-Ray-Singer) formula for Liouville Quant...