In this work, we use the small angle X-ray scattering (SAXS) method for controlled preparation of in situ forming sustained-release carriers of the antitumor drug bufalin (BUF), which has very poor solubility and a considerable cardiotoxicity in a non-encapsulated state. To that aim, we exploit the pseudo-ternary phase diagram of an oil(O)/surfactant(S)/water(W) system containing medium chain capric/caprylic triglycerides (MCT) and a co-surfactant blend of Macrogol (15)-hydroxystearate (Solutol HS 15) and sorbitan monooleate (Span 80). Two compositions with different oil contents (B-LC-ME and C-LC-ME) are selected from the microemulsion region of the diagram in order to study the effect of the aqueous environment on their structural behaviour. A phase transition from a microemulsion to a lamellar liquid crystalline phase and multilamellar vesicles is established by SAXS upon progressive dilution. The drug bufalin (BUF) is encapsulated in the microemulsions, which have low viscosity, whereas the release of the drug occurred from the in situ generated lamellar liquid crystalline structures. The formulations are characterized by SAXS, dynamic light scattering (DLS), cryogenic transmission electron microscopy (Cryo-TEM), rheology, drug loading and entrapment efficiency, and in vitro release profiles. A correlation is suggested between the structures of the in situ phase-transition formed LC-ME formulations and the differences in their viscosities and drug release profiles. The performed cytotoxicity, cell apoptosis and pharmacokinetic experiments show an enhanced bioavailability of BUF after encapsulation. These results suggest potential clinical applications for the obtained safe in situ phase-transition sustained-release formulations of BUF.