We introduce a microscopically realistic model of a physical gel and use computer simulations to study its static and dynamic properties at thermal equilibrium. The phase diagram comprises a sol phase, a coexistence region ending at a critical point, a gelation line determined by geometric percolation, and an equilibrium gel phase unrelated to phase separation. The global structure of the gel is homogeneous, but the stress is only supported by a fractal network. The gel dynamics is highly heterogeneous and we propose a theoretical model to quantitatively describe dynamic heterogeneity in gels. We elucidate several differences between the dynamics of gels and that of glass-formers.PACS numbers: 61.43. Bn, 82.70.Gg, 61.20.Lc Although gels are commonly used in everyday life they continue to offer fundamental challenges to research. Their physics is determined by a wide window of lengthscales, from the molecular size of particles in the solvent to macroscopic structures, and by a similarly broad range of timescales: Gels are "complex" fluids [1]. Of particular interest are physical gels which are typically made of molecules forming a stress-sustaining network, with links that have a finite lifetime, as opposed to chemical gels where junctions are permanent and properties follow directly from geometry. The transient character of the network in physical gels results in a complex interplay between structure and dynamics, leading to non-trivial flow properties. Here we propose a model of a reversible physical gel which is microscopically realistic (we are in fact inspired by one particular material), and specifically design a hybrid Monte Carlo / molecular dynamics numerical approach to successfully bridge the gap between microscopic details and macroscopic observations, while offering deep insight on the nature of physical gels.Inspired by recent experimental work on gelation, a variety of "minimal" models have recently been studied to elucidate the connection between gelation and seemingly related phenomena: Geometric percolation [2, 3], glass transition [4,5,6], phase separation [7,8]. Detailed experiments performed with colloidal particles with tunable interactions [9] revealed that a non-trivial interplay between phase separation and kinetic arrest may produce gel-like structures. Associating polymers constitute another well-studied example of reversible gels [1]. In that case, gels can be obtained far from phase separation, producing viscoelastic materials with highly non-linear rheological properties that are not well understood [10,11]. In many cases, a close similarity between gelation and glass formation is reported [1]. We explain below this similarity but discuss also important differences.Our model is inspired by a material described in Ref. [11]. It is a microemulsion of stable and monodisperse oil droplets in water mixed with telechelic polymers, i.e. long hydrophilic chains with hydrophobic end caps. A polymer can form a loop around a single droplet, or, more interestingly, a bridge between two drople...