Deploying large language models (LLMs) with low-rank adaptation (LoRA) on mobile devices is promising due to their capability to complete diverse domain-specific tasks while ensuring privacy and accessibility. In this paper, we introduce MobiLoRA to accelerate LoRA-based LLM inference on mobile devices. MobiLoRA focuses on optimizing the key-value (KV) caches due to the limited computing and memory resources of mobile devices. The key insight of MobiLoRA lies in the utilization of two contexts for on-device LoRA serving: semantic-level contexts, such as prompts with shared prefixes, and system-level contexts, such as the application status (e.g., foreground or killed) of LLM requests. Specifically, for semantic-level contexts, MobiLoRA proposes similarity-aware delta encoding, which leverages token-wise similarity in KV caches across LoRA adapters for efficient storage and reuse. Furthermore, MobiLoRA advocates context-aware KV cache management to optimize cache retention and eviction considering the system-level contexts. We fully implement MobiLoRA and compare it with state-of-the-art LLM serving frameworks using real-world mobile device traces. Results show that MobiLoRA accelerates LoRA-based LLM inference by 57.6% on mobile devices.