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The phase diagram and the properties of the aqueous phases of the AB block copolymer poly-n-butylacrylate-block-polyacrylic acid (nBuA100-b-AA150) has been studied as a function of the neutralisation degree α with NaOH. Aqueous solutions of the block copolymer with α < 0.1 are turbid and separate into two phases while solutions with α > 0.1 are transparent and single phase. The viscosities of such solutions increase with α and pass over a maximum at α = 0.5. Solutions with a concentration of Cp ≥ 1% and at α = 0.5 are highly viscoelastic and have a yield stress value. Cryo-TEM micrographs show that globular micelles are present in the viscoelastic solutions. The micelles have a polydisperse size distribution. The radius of the hydrophobic core varies from about 100 Å to 200 Å what is the length of the fully stretched hydrophobic block.