Structural changes at the intra- as well as intermicellar level were induced by the LCST-type collapse transition of poly(N-isopropyl acrylamide) in ABA triblock copolymer micelles in water. The distinct process kinetics was followed in situ and in real-time using time-resolved small-angle neutron scattering (SANS), while a micellar solution of a triblock copolymer, consisting of two short deuterated polystyrene endblocks and a long thermoresponsive poly(N-isopropyl acrylamide) middle block, was heated rapidly above its cloud point. A very fast collapse together with a multistep aggregation behavior is observed. The findings of the transition occurring at several size and time levels may have implications for the design and application of such thermoresponsive self-assembled systems.