Triethylamine−acetic acid, as a biphasic protic ionic liquid, typically contains both phase equilibrium and protontransferring chemical equilibrium, and these equilibria have been measured in this work. NMR and IR spectroscopy methods were applied to determine the neutral and ionic species in both lower and upper phases. At 298.15 K, the lower phase contained (25 ± 1) mol % molecular acetic acid, (10 ± 1) mol % molecular triethylamine, and (64 ± 1) mol % ionic species, while the upper phase contained (4.7 ± 0.2) mol % molecular acetic acid, (71.5 ± 0.5) mol % molecular triethylamine, and (24 ± 1) mol % ionic species. The temperature effect on the distributions of molecular and ionic species in biphasic triethylamine−acetic acid was also studied. The unique biphasic PIL containing both base-rich and acid-rich phases with different ionic concentrations (ionicity) should be of significant potential to be applied in industrial processes.