This paper developed a new hydrophobic honokiol transdermal delivery system. First, Honokiol was loaded into Pluronic F127 micelles by direct dissolution method assisted by ultrasound. Then the obtained honokiol-loaded F127 micelles were incorporated into thermosensitive F127 hydrogel, which made the composite system bioadhesive. The particle size, drug loading, and encapsulation efficiency were determined. The sol-gel transitions of the copolymer, honokiol release profile in vitro, and the permeation studies in vitro were studied in detail. The lower critical solution temperature (LCST) of the composite system decreases with increase in the mass of honokiol in the system. Honokiol could be sustained released from the system in vitro. In in vitro permeation studies, honokiol could be absorbed per cutem. The described drug delivery system might have great potential application for transdermal delivery of hydrophobic drugs such as honokiol.