In this paper, a molecular thermodynamic approach is developed to predict the structural and compositional characteristics of microemulsions. The theory can be applied not only to oil-in-water and water-in-oil droplet-type microemulsions but also to bicontinuous microemulsions. This treatment constitutes an extension of our earlier approaches to micelles, mixed micelles, and solubilization but also takes into account the self-association of alcohol in the oil phase and the excluded-volume interactions among the droplets. Illustrative results are presented for an anionic surfactant (SDS)-pentanol-cyclohexane-water-NaCl system. Microstructural features including the droplet radius, the thickness of the surfactant layer at the interface, the number of molecules of various species in a droplet, the size and composition dispersions of the droplets, and the distribution of the surfactant, oil, alcohol, and water molecules in the various microdomains are calculated. Further, the model allows the identification of the transition from a two-phase droplet-type microemulsion system to a three-phase microemulsion system involving a bicontinuous microemulsion. The persistence length of the bicontinuous microemulsion is also predicted by the model. Finally, the model permits the calculation of the interfacial tension between a microemulsion and the coexisting phase.