This article reviews previous studies on the micellar structure formed by hydrophobically modified polysaccharides in aqueous solutions, by static and dynamic light scattering, small angle X-ray and neutron scattering, and fluorescence from pyrene solubilized in the polymer solution. Those experimental results are consistently explained by the full or loose flower necklace model for pullulan bearing octenyl groups and amylose bearing dodecyl groups, and by the randomly branched polymer model, which is often called as "nanogel," for pullulan bearing cholesteryl groups. We discuss the micellar structures of those hydrophobically modified polysaccharides as well as of an amphiphilic alternating vinyl polymer bearing dodecyl groups, depending on the degree of substitution as well as chemical structures of the hydrophobic moiety and backbone chain.