The photophysical behavior of 3-pyrazolyl-2-pyrazoline derivative (PZ), a newly synthesized biologically active compound has been studied in micellar solutions of anionic sodium dodecyl sulfate (SDS), cationic cetyl trimethylammonium bromide (CTAB) and nonionic p-tert-octylphenoxy polyoxyethanol (Triton X-100, TX-100) micelle using steady state and time-resolved fluorescence spectroscopy technique. Influence of the micelles on the photophysics of PZ has also been investigated using different approaches. The location of the fluorophore PZ in the micelle has been identified by cetyl pyridinium chloride (CpCl) induced fluorescence quenching and micropolarity surrounding that fluorophore in micellar solution. The effect of urea on the steady state fluorescence and relaxation dynamics of the micelle bound probe has also been observed. The results have been interpreted in terms of the model that urea displaces water molecules from the micellar interface and the consequent destabilization leads to the expulsion of the probe molecules from the interfacial region. An attempt has been made to determine probe sensing microviscosities for these micellar microenvironments in the light of average reorientation times of the probe PZ.