Lipid rafts, the functional microdomains in the cell membrane, are believed to exist as liquid-ordered (L-o) phase domains along with the liquid-disordered (L-d) phase of the bulk of the cell membranes. We have examined the lipid order in model and natural membranes by time-resolved fluorescence of trimethylammonium-1,6-diphenylhexatriene incorporated into the membranes. The lipid phases were discerned by the limiting anisotropy, rotational diffusion rate and distribution of the fluorescence lifetime. In dipalmitoylphosphatidylcholine (DPPC)-cholesterol mixtures the gel phase exhibited higher anisotropy and a two-fold slower rotational diffusion rate of the probe as compared to the L-d phase. On the other hand, the L-o phase exhibited higher limiting anisotropy but a rotational diffusion rate comparable to the L-d phase. The L-d and L-o phases elicited unimodal distribution of lifetimes with distinct mean values and their co-existence in phospholipid-cholesterol mixtures was reflected as a biphasic change in the width of the lifetime distribution. Global kanalysis of the lifetimes yielded a best fit with two lifetimes which were identical to those observed in single L-o or L-d phases, but their fractional contribution varied with cholesterol concentration. Attributing the shorter and longer lifetime components to the L-d and L-o phases, respectively, the extent of the L-o/L-d phase domains in the membranes was estimated by their fractional contribution to the fluorescence decay. In ternary mixtures of egg PC-gangliosides-cholesterol, the gangliosides induced heterogeneity in the membrane but the L-d phase prevailed. The L-o phase properties were observed only in the presence of cholesterol. Results obtained in the plasma membrane and detergent-resistant membrane fractions (DRMs) isolated from U-87 MG cells revealed that DRMs mainly possess the L-o phase; however, a substantially large proportion of plasma membrane also exists in the L-o phase. Our data show that, besides cholesterol, the membrane proteins play a significant role in the organization of lipid rafts and, furthermore, a considerable amount of heterogeneity is present among the lipid rafts.