Biamphiphilic ionic liquids (BAILs) based on 1,3-dialkylimidazolium cation and alkyl sulfate anions ([C(n)H(2n+1)mim][CmH2m+1OSO3]; n = 4, 6, or 8; m = 8, 12) have been synthesized and characterized for their self-assembling behavior in the aqueous medium. Effects of alteration of alkyl chain length in cation and anion on surfactant properties of BAILs have been examined from surface tension measurements. The effectiveness of surface tension reduction for BAILs has been found to be exceptionally higher as compared to single chain surface active ILs/conventional surfactants. The thermodynamics of the aggregation process has been studied using isothermal titration calorimetry (ITC) and temperature dependent conductivity experiments. Dynamic light scattering (DLS), nuclear magnetic resonance (NMR), and transmission electron microscopy (TEM) studies showed that BAILs formed distinct aggregated structures depending upon the amphiphilic character present in the cation and anion. BAILs ([C(n)H(2n+1)mim][CmH2m+1OSO3]) form micelles when n = 4, 6; m = 8, intermicellar aggregates when n = 4, 6; m = 12, and vesicles when n = 8; m = 8, 12. Gold nanoparticles and microplates have been synthesized in micellar and vesicle solutions of BAILs using a simple photoreduction method. The studies show the potential of BAILs for constructing micelles and supramolecular assemblies, such as bilayer vesicles, which are effective in preparation of nanomaterials of controlled size and morphology.