We investigate the rheo-mechanical properties of Mebiol Gel®, a thermosensitive gel-forming polymer extensively used as a medium for cellular culture, using passive microrheology made either by standard dynamic light scattering or by photon correlation imaging. In the dilute limit, Mebiol displays a Newtonian behavior with an effective viscosity that decreases with temperature, consistent with a peculiar aggregation mechanism characterized by an increase of the molecular weight with a simultaneous reduction of the aggregate size. By increasing concentration and approaching gelation, both the storage and loss moduli show a nonmonotonic dependence with temperature, with a pronounced maximum around T _m ≃ 28–30 °C, the value above which, in the dilute limit, the individual Mebiol chains are fully compacted. Such a distinctive trend of the elastic and viscous properties persists within the gel, which, therefore, becomes “softer” above T _m. Although when temperature changes are performed adiabatically, the transition from the fluid to the gel phase takes place without any apparent discontinuity, a rapid T-jump leads to the formation of a hard gel at a concentration where a low heating rate conversely yields a fluid phase. This is a visible manifestation of the nonequilibrium nature of these physical gels.