A nonionic type V deep eutectic solvent (DES) combining hydrophobic (−)-menthol and hydrophilic resorcinol was prepared and investigated as a solvent for amphiphilic caffeine. Differential scanning calorimetry and thermogravimetric analysis were first used to determine the eutectic composition and characterize its thermal behavior. The menthol-to-resorcinol molar ratio of 2:1 was subsequently selected for physicochemical investigation. Clear homogeneous solutions containing up to 0.701 mol·kg⁻¹ caffeine were prepared, corresponding to 136 g of caffeine per kilogram of DES. Density, speed of sound, and viscosity were measured over the temperature range from 293.15 to 313.15 K. These data were used to evaluate the thermal expansion, volumetric and acoustic properties, intermolecular free length, and concentration and temperature dependences of viscous flow. The viscosity results were further analyzed using the Arrhenius, Jones–Dole, and Eyring–Feakins approaches and compared with the behavior of caffeine in water, ethylene glycol, and methyl salicylate. DFT calculations and molecular electrostatic potential surfaces were used to examine the local organization of the DES and the possible incorporation of caffeine through interactions with both its polar and less-polar regions. The combined experimental and computational approach provides a molecular and thermodynamic basis for evaluating this DES as a caffeine-solubilizing and delivery medium.