SUMMARY: The phase behavior of the system water/SephadexG25 in a wide range of water content Wc (g water/g dry Sephadex) has been investigated by differential scanning calorimetry. At low degree of hydration (Wc a 0.38), the system is homogeneous and is characterized by a glass transition whose temperature-composition dependence is well described by the Gordon-Taylor equation. When Wc is higher than 0.38, all water in excess with respect to 38% crystallizes on cooling to low temperature, i. e., the system contains two phases: separated freezable water in equilibrium with an amorphous phase of water-plasticized Sephadex at constant composition. Depending on the hydration level, separated water exists in two different states. Clusters of small size, present at Wc a 0.8, exhibit a freezing and melting behavior deviating from thermodynamic equilibrium, and bulk-like water properties are observed only at a water content higher than 0.8. In the hydration range 0.67 f Wc f 1.48, calorimetric curves show crystallization phenomena and multiple melting peaks which have been correlated with the presence of a wide distribution of crystallite sizes. On repeated coolings, the pore structure of the hydrated polysaccharide network is damaged by mechanical stresses generated by ice formation.