The binary mixture of cholesteryl oleate (CO) and 4'-n-octyl-4-cyanobiphenyl (8CB) exhibits interesting liquid crystalline mesophase cholesteric and induced smectic phases, such as SmA, SmC, SmB, and SmE, sequentially when the specimen is cooled from its isotropic liquid phase. These phases have been characterized by using differential scanning calorimetric and optical texture studies. The temperature variation of optical anisotropy and electrical conductivity has also been discussed.