Lyotropic micellar nematic and smectic phases observed in the mixture of sodium oleate and glacial acetic acid has been studied by X- ray and optical methods. It is found that a nematic phase is observed with small concentration of sodium oleate at higher temperatures. Smectic A and Smectic E phases also occur at lower temperatures and with low concentration of sodium oleate. Optical anisotrophy of lyotropic nematic phase has been estimated using experimental values of density and refractive index data. The order parameter of the micellar nematic phase is calculated from the optical data. X - ray diffraction study was carried out in smectic phase. Many striking optical textures like fan, focal conic and drops with low concentration of sodium oleate are also illustrated.