The phase behavior of the system isopropyl myristate/medium-chain glyceride/polysorbate 80/water forming both w/o and o/w microemulsions has been studied to develop microemulsion comprising of pharmaceutical excipients. The pseudo-ternary phase diagrams with large monophasic zones and gel formation were realized and several compositions were identified in the phase diagram for rheological, dynamic light scattering (DLS) and calorimetric measurements. The identified systems at different temperatures behaved as Newtonian fluid and the activation parameters for their viscous flow were evaluated. From DLS measurements, hydrodynamic diameter, polydispersity and diffusion coefficient of the microheterogeneous dispersions were determined. The free energy, enthalpy and entropy of solution of the w/o and o/w microemulsions were determined from calorimetric measurements.