Surfactant flooding plays a critical role in chemically enhanced oil recovery over the last half century, with the widely accepted mechanism of ultralow interfacial tension (IFT) by forming middle-phase microemulsions with high concentration of a lead surfactant and a cosurfactant. However, it is found practically from field trials that high oil recovery efficiency can be obtained from low concentration surfactant flooding without forming microemulsions, and the principle behind has not been clearly unraveled yet. Here the solubilization of paraffin oil by the micelles formed with a commercial enhanced oil recovery surfactant, raw naphthenic arylsulfonates (NAS), was investigated using ultraviolet-visible (UV-Vis) spectroscopy, dynamic light scattering (DLS), and transmission electron microscopy (TEM). It is found that paraffin oil can be well solubilized inside the NAS micelles, and mainly localized in the hydrophobic core of the micelles. The solubilization capacity of NAS micelles increases with increasing its concentration, and the size of micelles increases, but morphology of the micelles remains spherical with increasing the amount of paraffin oil, along with an appearance transition from transparent to opaque until the maximum solubilization capacity is reached. Core flooding results with crude oil indicate that in the presence of 0.24 wt.% polymer, addition of 0.1, 0.2, 0.5, and 1.0 wt.% NAS can get oil recovery factor of 24.1%, 27.0%, 30.5%, and 38.3%, which increases linearly with increasing NAS concentration though with the interfacial tension values only in the magnitude of 10 −2 mN m −1 level. These findings prove preliminarily micellar solubilization can help increasing oil recovery efficiency even without ultralow IFT.