Aqueous dispersions of the phospholipid dioctanoylphosphatidylcholine (diC(8)PC) phase-separate below a cloud-point temperature, depending on lipid concentration. The lower phase is viscous and rich in lipid. The structure and dynamics of this system were explored via cryo-transmission electron microscopy (cryo-TEM), small-angle X-ray scattering (SAXS), and NMR. The lower phase comprises a highly interconnected tridimensional network of wormlike micelles. A molecular mechanism for the phase separation is suggested.