It has been empirically known that cholesterol largely increases the viscosity of oleic acid. To clarify the mechanism of the effect of cholesterol on the intermolecular and the intramolecular (segmental) movements of oleic acid in the liquid state, we measured density, viscosity, IR, H-1 NMR chemical shift, self-diffusion coefficient, and C-13 NMR spin-lattice relaxation time for the liquid samples of oleic acid containing a small amount of cholesterol. Furthermore, the above measurements were also carried out for the samples of oleic acid containing a small amount of cholestanol, cholestane, cholesteryl oleate, ethanol, or benzene. Cholesterol, possessing one OH group and one double bond in its molecular structure, largely increased the viscosity and reduced the self-diffusion and the intramolecular movement of oleic acid. Cholestanol, possessing one OH group but not a double bond, and cholesteryl oleate, not possessing an OH group, also reduced the self-diffusion and the intramolecular movement; cholestane, not possessing an OH group, slightly reduced the self-diffusion and the intramolecular movements. In contrast with these sterols, ethanol and benzene reduced the viscosity and increased the self-diffusion and the intramolecular movements. In addition, cholesterol and ethanol, both having one OH group, promoted the upfield shift of the H-1 NMR signal of the carboxyl group of oleic acid; IR difference spectra for the cholesterol/oleic acid system quite resemble those for the ethanol/oleic acid system. These results suggest that oleic acid makes a complex with cholesterol as well as with ethanol. On the basis of the formation of the complex, we have revealed the role and the functional mechanism of cholesterol to the intermolecular and the intramolecular movements of oleic acid in the liquid state.