We studied the transverse NMR relaxation of protons of different chemical groups and diffusion of molecules in an aqueous pluronic F-127 system. The system was studied at concentrations of 15, 21 and 28 wt% and in the temperature range of 293–333 K. The dynamic peculiarities in different phases were analyzed based on the NMR relaxation and diffusion data. Our study demonstrated a correlation between phase states, T2 relaxation times of “solid-like” and “liquid” protons of selected chemical groups of polypropylene oxide (PPO) and polyethylene oxide (PEO) blocks, and diffusion coefficients. Transverse NMR relaxation established that the presence of a “solid-like” component of CH3 protons of PEO blocks is observed only at temperatures and concentrations corresponding to the rigid-gel phase, due to entanglements between micellar coronas. At all temperatures and concentrations, some CH3 protons of PPO blocks and some CH2 protons of PEO blocks show “liquid-like” transverse NMR relaxation. Under the conditions corresponding to formation of the rigid-gel phase of the pluronic, relaxation of the “liquid-like” protons additionally accelerates due to entanglements of micellar coronas. Transition of the system to the rigid-gel phase is accompanied by decrease of diffusion coefficients by a factor of 10–104 relative to the diffusivity of free-moving pluronic micelles in the sol phase. Diffusion measurements show that there are pre-transition phenomena, which are characteristic for temperatures and concentrations near sol-gel phase boundaries.