Cholesteryl cetyl carbonate (CCC) was synthesized from cetyl alcohol and cholesteryl chloroformate. Cholesteryl cetyl carbonate mixture (CCCM) was obtained from the reaction. CCCM was purified by liquid-liquid extraction and flash column chromatography. Thermotropic liquid crystal was formed in both pure CCC and CCCM. CCCM is composed of cholesterol, cetyl alcohol and CCC (30:20:50, weight ratio). FTIR and NMR were employed to confirm the functional groups of CCC. Thermal properties of CCC were determined by DSC and polarized light microscope. The phase transition from solid crystal to smectic appears at 42 °C, smectic to nematic appears at 54 °C and nematic to isotropic liquid appears at 73 °C. Indomethacin (IDM) could be incorporated into CCC and properties of CCC-IDM mixture stayed as liquid crystalline phase.