The Suzuki coupling in aqueous micelles has received much attention, but few attempts focus on its substituent effects. In view of the significant substituent effects on this reaction, it is necessary and practical to investigate its substituent effects. Herein, the substituent effects of Suzuki coupling in aqueous micelles are well established through Hammett plots and kinetic studies. In the cases of aryl halides, the rate-determining step of the reaction will shift from the oxidation addition step to the transmetalation step as the substituents' electron withdrawing ability increases, so aryl halides with weak electron-withdrawing groups exhibit better reactivity than ones containing strong electron-withdrawing or electron-donating groups. For arylboronic acids, the electron donating groups are beneficial to the Suzuki reaction, while the electron withdrawing group is unfavorable for the reaction. The Suzuki reactions of substituent exchange between arylboronic acids and aryl halides further confirm these substituent effects.