The nonionic Type V deep eutectic solvent (DESs) thymol + menthol is experimentally and computationally studied aiming to clarify the relation between its liquid phase structure and its thermodynamic nonideality. 1 H NMR, Raman, and X-ray scattering analysis of the thymol + menthol system, supported by molecular dynamics simulations, show complex intermolecular interactions dominated by sterically hindered H-bonded clusters. For temperatures greater than or equal to room temperature, a quasi-linear evolution of the eutectic system properties between the pure compounds is observed, suggesting the absence of a magic stoichiometric composition in the eutectic solvent. However, temperature dependent Raman spectroscopy indicates a notable increase in thymol−menthol H-bonding as temperatures approach the eutectic point. This study shows that nonionic Type V DESs present an important temperature-dependent nonideality originating from the change in the intermolecular H-bonding with temperature. These findings have significant implications for the design and growing application of Type V DESs.