Nuclear magnetic resonance (NMR) spectroscopy and steady-state fluorescence anisotropy were used to study the behavior and interaction of 5-fluorouracil, both in a free form (5FU) and included in the polymer matrix of poly(butylcyanoacrylate) nanoparticles (5FUPBCN) with a phospholipid bilayer of large unilammellar vesicles composed of 1,2-dimyristoyl-sn-glycero-3-phosphocholine (DMPC), as a model system of biomembranes. The results confirm an interaction and penetration of 5FU into the phospholipid bilayer of DMPC liposomes. Different mechanisms of drug transfer from the aqueous environment into the model membrane environment, for the free drug and that incorporated into polymer nanoparticles, are suggested: (i) concentration-dependent reversible diffusion of the free 5FU and (ii) sustained 5FU release from nanoparticles adsorbed on the liposome surface resulting in continuous delivery of the drug into the phospholipid bilayers of the DMPC liposomes.