At the molecular level, intermolecular polymerization can compete with its intramolecular cyclization, which is known as a ring−chain competition reaction. However, this competitive phenomenon has rarely been observed in higherlevel systems. Herein, we report a supramolecular ring−chain competition reaction between the intermicellar polymerization and intramicellar cyclization of rodlike micelles assembled from rod− coil graft copolymers. Nanowires and toroidal micelles are the chain-like and ring-like products of the two supramolecular reactions, respectively. When the reaction conditions (solvent composition or temperature) are varied, the competition of the two supramolecular reactions is induced, and their dynamic competition relation and equilibrium constants can be regulated by the reaction conditions. The combination of experiments and theoretical simulations reveals that the interplay of the core/shell interfacial energy, the bending energy of rodlike micelles, and the end-capping energy determines such ring−chain competition. This study presents an advance in supramolecular self-assembly and provides a progressive way to construct complex hierarchical nanostructures.