In this review, we introduce our recent studies of the biocompatible reversed micellar systems formed by phospholipids. The formation of biocompatible reversed micelles was found by the significant increase of water content in the organic phase for the following combinations of surfactants/organic solvent : lecithin/ ethyl caproate, lecithin/ethyl oleate, lecithin/ethyl linoleate, phosphatidylcholine (PC) /ethyl caproate, PC/oleic acid. Addition of oleic acid and/or cholesterol to the PC/ethyl oleate system stimulated the formation of the reversed micelles. Characterization of the micelles using small angle X-ray scattering (SAXS) analysis was presented. Reversed micelles formed in lecithin/ethyl oleate system were spherical and monodisperse. Size of micelles in the organic phase saturated water was almost identical even for different lecithin and water concentrations. Instead, when the lecithin concentration was kept constant, the size changed with the water concentration in the organic phase. The extraction of protein cytochrome c using the biocompatible reversed micellar system was demonstrated. Autoxidation of β-carotene was suppressed when it was solubilized in the lecithin reversed micellar organic phase. Biocompatible reversed micellar system will expand their application field to the food and medical industries.