Interaction between polymer and surfactant bearing opposite charges is much more complex from a physicochemical point of view as compared to interaction between ionic surfactant and nonionic polymer. Electrostatic and hydrophobic interactions interplay in the former, whereas the hydrophobic effect is the prevailing factor in the latter. We have studied the interaction between a water-soluble polyanion, sodium salt of carboxymethylcellulose (NaCMC), with a cationic amphiphile, CTAB, in aqueous medium. There were manifold discrepancies with the reported works in NaCMC-alkyltrimethylammonium bromide, which is assumed to be an effect of difference in degree of substitution, which in turn affects the charge density of the polymer chain. We have noticed that the bulk complexation and interfacial interaction driven by electrostatic forces operate side by side. Thereafter, there is a wrapping process by the polyanion to the polymer-induced smaller surfactant aggregates driven by increase in entropy of the solution as a result of expulsion of the counterions from the ionic atmosphere around the surfactant aggregate. Because of the electrostatic interaction, hydrophobicity of the polymer-surfactant complex increases, leading to coacervation, and again solubilization in the hydrophobic core of the self-aggregated structure provided by the added excess CTAB. The tensiometric, conductometric, microcalorimetric, and turbidimetric techniques have been applied to address these problems.