Low-molecular weight surfactants have significant potential as building blocks for prebiotic organization. However, reports about surfactant-based coacervates as protocell models capable of reversible transformation are scarce. Herein, we develop a simple system made of a surfactant (-)-N-dodecyl-N-methylephedrinium bromide (DMEB) and inorganic salts that is capable of spontaneous formation of vesicles, coacervates, and the reversible transformation between the two states. The coacervates are stable over a wide range of pH values and salt concentrations, and they contain a disordered sponge-like internal microstructure, which leads to effective encapsulation of a broad range of solutes and biomacromolecules such as DNA and green fluorescent protein (GFP). They provide an advantageous chemical environment in which the activity of enzymes, including apyrase, is enhanced. Strikingly, these coacervates can undergo a reversible transformation to small, well-defined vesicles by changing the temperature and surfactant or salt concentrations. Moreover, we show that this transition can be dynamically controlled by chemical reactions. The cycling between open (coacervates) and closed (vesicles) compartments could facilitate the encapsulation of solutes within membrane-bound vesicles, and our results demonstrate that these surfactantbased coacervates constitute superior protocells capable of a reversible droplet-vesicle transition.