Because cholesterol is an essential component of numerous biological membranes, its effect on model membranes has been an active area of research for several decades. The impact of cholesterol on the molecular order, dynamics and phase equilibria in model membranes has been studied by many experimental techniques including nuclear magnetic resonance (NMR). NMR provides quantitative information on the organization and behavior of the molecules making up the membrane and is sensitive to changes in the order and dynamics of these systems. This chapter will provide a broad review of the contributions of NMR experiments to the understanding of the behavior of cholesterol and phospholipids in model membrane systems of varying complexity.