This thesis presents the properties and applications of various liquid crystal (LC)-aqueous ionic surfactant systems. It begins with the study of micellar solubilization of different LCs in aqueous ionic micellar solutions. The analysis of a few hundred μm-sized LC droplets in either nematic or isotropic state (parent droplets) shows a linear decrease of the droplet size over time. During the entire micellar solubilization process, the material transport across a parent droplet’s surface exists in both directions. Numerous aqueous droplets (daughter droplets) start to appear in the parent droplet due to the transport of surrounding aqueous solution into it. The average size of the aqueous daughter droplets and their number density increase ...