In the present work, our investigation is to study the optical anisotropic properties of the binary mixture of cyano-benzilidene-p-n-octyl-oxy-aniline (CBOOA), cholesteryl nonanoate (CN), which exhibits a very interesting liquid crystalline Cho-TGB-SmC-SmA-SmB phases sequentially when the specimen cooled from its isotropic phase. These phases have been characterized by using microscopic and optical anisotropic technique. The temperature variations of optical anisotropy and electrical conductivity have been discussed. X-ray studies are supported to calculate the nano-aggregated grain size of the molecules.