We have investigated the effects of grafted polymer chains [poly(ethylene oxide)-poly(propylene oxide)-poly(ethylene oxide)] on the bending modulus and the intermembrane interactions of lamellar membranes (C(12)E(5) water) by means of a neutron spin-echo and a small-angle x-ray scattering technique. In this study the hydrophilic chain takes the mushroom configuration on the membrane. The bending modulus of the polymer-grafted membranes increases in proportion to the square of the end to end distance of the polymer chain, which agrees well with the theoretical prediction of Hiergeist and Lipowsky [J. Phys. II 6, 1465 (1996)]. From the interlamellar interaction point of view, the mushroom layer is renormalized to the membrane thickness, which enhances the repulsive Helfrich interaction. When the size of the decorated polymer chain increases to the interlamellar distance, however, the mushroom is squeezed so as to optimize the interlamellar potential. Further increase of the grafted polymer size brings a lamellar-lamellar phase separation, where the grafted polymer chains are localized in the dilute lamellar phase and the concentrated lamellar phase forms the onionlike texture.