Statement used to express regret and or fear about the current situation of an amorous or once amorous relationship. It generally means that the person who is expressing himself/herself has a deep emotional bond with their current mate, but that bond is possibly/probably not strong enough to merit a lifetime, or long-term commitment. Usually, there is either some dissatisfaction, disappointment, or confusion on the part of the person using this statement.
Example (interchangeable):

Woman: Why can't we be together?
Man: I love you, but I'm not in love with you.
Woman: What does that mean?
Man: It means that I need something in my life that being with you is just not able to provide. If you need anything, I'm there, but we aren't working.
by TEX37 October 11, 2009
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Phrase used exclusively by shallow self-absorbed individuals who actually have no concept of what it means to love or be loved. Their hearts are vacant and usually associate sex not with a deeply emotional or spiritual experience but rather purely a physical and transient act involving no emotion. Such individuals are limited in both intellect and in normal socialization skills. People who use this overused cliche usually suffer from a combination of schizotypal disorder and sociopathy. A catch-all phrase when the person doing the dumping knows there is no reason for the relationship to end, other than for purely selfish reasons of wanting to pursue sexual relations with other individuals outside of the current relationship.
I love you but I'm not in love with you

Translation:

I don't love you and I want to experiment with other people
by Tuscanini August 17, 2006
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A scape goat for women who don't have the ovaries to say I'm not interested in pursuing a relationship with you.
"I Love You, But I'm Not IN Love With You"

"What does that even mean?"

"Let's just be friends"

"What, why?"

"I like you like a brother"

"Jesus F***ing Christ"
by TangoTangoSierra January 23, 2012
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