The　critical　micelle　concentration　(CMC)　of　Pluronic　block　copolymer　F127　in　aqueous,　solutions　and　the　micellar　structure　are　determined　by　UV　and　fluorescence　spectroscopy　as　well　as　viscosity　technology　in　the　presence　of　phenol.　The　results　show　that　the　CMC　is　enhanced　with　increasing　phenol　concentration　(cph)　at　initial　stage　and　reaches　a　maximum　at　cph　=　30　×　10-6.　The　intrinsic　viscosity　[η]　displays　opposite　trend　of　decrease　with　initial　addition　of　phenol　and　then　increases　at　cph　＞　30　×　10-6.　The　PO　component　in　the　micellar　core　is　gradually　increased　when　phenol　is　added　and　reaches　100%　at　cph　＞　30　×　10-6.　The　value　of　K1/N　on　interaction　between　anthracene　and　the　micelle　appears　a　decrease　with　initial　addition　of　phenol　and　then　gradually　increases　at　cph　＞　30　×　10-6.　The　results　are　interpreted　according　to　phenol　promoting　the　formation　of　water　structure　and　bonding　of　phenol　hydrogen　to　PEO　block.