Hydroxypropyl cellulose (HPC) is a functional material with numerous applications as a drug solubilizer, thickener, and stabilizer. Herein, the mobile and rigid regions of HPC are investigated using liquid‐ and solid‐state NMR, respectively, in the high‐viscosity regime of concentrated aqueous samples, below and above the formation of an ordered chiral liquid‐crystalline (LC) mesophase. Liquid NMR 13C relaxation and hydration studies reveal that hydroxypropyl pendant chains remain more fluid than the pyranose sugar rings at concentrations below the formation of the LC phase. The inner part of the pendant chains close to the cellulose backbone exhibits a higher water structuration and a lower water renewal than the outer part and the pyranoses, which likely compensates for their higher hydrophobicity. When the LC phase is formed, the sample viscosity increases and the differences in flexibility and hydration of the pendant chains are reduced with respect to the pyranoses, while the whole system is rigidified. The system is not completely rigid even at concentrations above the formation of LC, as the interaction of water with the pyranoses considerably enhances their fluidity. In contrast, the pendant chains are much less affected.