Lipophorin, a circulating lipoprotein in insects, was investigated by a neutron small-angle scattering method with H2O/D2O contrast variation. The scattering profiles were similar to those obtained by X-ray small-angle scattering results. Considering location of each constituent, we proposed a radially symmetrical three-layer model of lipophorin; an inner core of hydrocarbons surrounded by a layer of diacylglycerol and apolipophorin-II, and a spherical micellar arrangement of the outer hydrophilic surface formed by apolipophorin-I and polar phospholipid headgroups. The detailed structure basis is essential to understand the tissues specific recognition mechanism of lipophorin for loading and unloading lipids at respective tissues.