The multicomponent system of cholesteryl linolenate (CL), sodium oleate (Naol), and orthophosphoric acid (H3PO4) exhibits liquid crystalline mesophases, like cholesteric and smectic phases, such as SmA, SmC, SmB, and SmG sequentially when the specimen is cooled from its isotropic phase. These phases have been observed by using microscopic technique. Helfrich potential and elastic moduli have also been estimated in the smectic phase using Helfrich model. Optical transmittance and electrical conductivity have also been discussed.