The micellization process of sodium bis(4-phenylbutyl) sulfosuccinate (SBPBS) has been studied compared to that of sodium bis(2-ethylhexyl) sulfosuccinate (AOT) by surface tension, steady-state fluorescence, microcalorimetry, dynamic light scattering (DLS), and transmission electron microscopy (TEM) measurements. Meanwhile, the interaction of these two surfactants with hydrophobically modified poly(acrylamide) (HMPAM) was investigated. The results show that the surface tension at the critical micelle concentration (cmc) of SBPBS and the micropolarity probed by pyrene in SBPBS aggregates are both larger than those of AOT. The enthalpy change of micellization (Delta H-mic) of AOT is endothermic, while it is exothermic for SBPBS. Strong pi-pi interaction among the adjacent phenyl groups of SBPBS molecules is likely the cause for the above properties of SBPBS. Moreover, vesicles are observed for AOT and SBPBS by DLS and TEM, especially for AOT, whose micelle-vesicle transition has been first confirmed by its calorimetric curve. In the surfactant-HMPAM systems, the critical aggregation concentration (cac), the saturation concentration of aggregation (C-2), and the thermodynamic parameters of binding have also been determined. The conclusion may be drawn that the binding strength of SBPBS onto HMPAM is stronger than that of AOT.