The phase diagram of the ternary system CTAB/benzyl alcohol/water has been studied. The system shows a clear, isotropic and low-viscous region, the L phase, and three liquid crystalline mesophases, two of which have been characterized as hexagonal H-1 and lamellar L alpha mesophases; the third could correspond to a cubic mesophase. The L phase is studied with conductivity and steady state fluorescence quenching measurements to elucidate the presence of mixed micelles in aqueous solution or reverse micelles in alcohol.