The aim. Study the properties of 20 % solutions of poloxamer 338 (P338) in water and mixed solvents water-ethanol using rotational viscometry and the spin probe method at various temperatures. Materials and methods. 20 % m/m solutions of P338 in water and water – ethanol mixtures were the objects of research. The solutions were studied by rotational viscometry at various temperatures; the flow behaviour, lower yield stress (t0) and dynamic or apparent viscosity (η) were determined. Spin probes based on fatty acids, which differ in molecular structure, solubility, and radical localization, were added to the solutions. Electron paramagnetic resonance (EPR) spectra were obtained to determine their type and parameters. Results. Depending on the content, ethanol affects the rheological properties of 20 % solution of P338. The solution was demonstrated to be able to thermally induce sol → gel transition at 32 °C when ethanol content is 5 % m/m. The rheological parameters of the gel at 32 °C and 37 °C exhibit an increase (in comparison to the gel without ethanol), accompanied by a reduction in the packing density of polypropylene oxide (PPO) chains within the cores of P338 micelles. At an ethanol content of 10 % m/m, the gel formation temperature rises to 40 °C. At ethanol content of 15 % m/m and above, 20 % P338 solutions do not form gels at temperatures between 25 °C and 40 °C. The values of rotational correlation times (τ) and the order parameter (S) of fatty acid-based spin probes were observed to decrease with increasing ethanol content up to 30 % m/m; in the case of the ammonium salt of 5‑doxylstearic acid (5-DSA NH4 salt), the anisotropic EPR spectra transform, becoming a superposition of two triplets and subsequently a triplet. P338 solutions retain their ability to undergo thermally induced sol ↔ gel transitions as long as the EPR spectra of this probe exhibit anisotropy at temperatures ranging from 25 °C to 37 °C. As the concentration of ethanol in the solution increases, the solvation of the cores of P338 micelles by the dispersion medium of the solution also increases. Conclusions. It was demonstrated that ethanol, when added to the 20 % P338 solution, results in changes to the rheological properties of this solution. However, at the ethanol content of 5-10 % m/m, the ability of P338 to thermally induce sol → gel transition remains unaltered. The rheological properties of the 20 % P338 solution exhibit a correlation with the observed change in EPR spectra types for the 5-DSA NH4 salt. As the ethanol content in the solution increases, the solvation of P338 micelle cores by the dispersion medium increases, accompanied by decreased density and orderliness of the PPO chains packing in the micelle cores