This study focuses on the rheological behavior of a cellulose nanocrystal gel. This system [5 wt. % cellulose nanocrystal (CNC) + 20 mM NaCl] is proved to be thixotropic, and the detected shear force tightly depends on the growth and break-up of the aggregates of CNC rods. From strain-controlled experiments, a nonmonotonic steady-state flow curve with a minimum stress value of ≈33 Pa is found, and the negative slope of stress versus shear rate suggests the existence of shear bands. From stress-controlled experiments (creep), the “static yield stress” is determined to be 67.5 ± 2.5 Pa. This difference proves that the local minimum stress of the flow curve does not coincide with the “static yield stress” determined by creep tests. However, this minimum stress can maintain flow provided that the material is already in a yielded state. At nominal shear rates below about 100 s−1, shearing is suggested to be localized in a shear band rather than over the whole material. The “dynamic yield stress” is found as “the minimum stress to maintain flow,” or the onset of shear banding. Moreover, wall slip also occurs at low nominal shear rates which is related to the interaction between the dynamic microstructure of the CNC gel and the wall: it is hypothesized that the low shear rates allow the CNC aggregates to extensively grow and, thus, the oversized CNC aggregates detach from the asperities of the wall. Our finding of the robust connection between yielding, thixotropy, wall slip, and shear banding shall shed new light on the nature of the nonmonotonic flow curves of yield stress and thixotropic materials.