Abstract: Novel amphiphilic fluorescent graft copolymer (PVP-PyAHy) was successfully synthesized by the free radical copolymerization of hydrophobic monomer N-(1-pyrenebutyryl)-N-acryloyl hydrazide (PyAHy) with hydrophilic precursor polymers of vinyl-functionalized poly(N-vinylpyrrolidone) (PVP) in DMF. The copolymer is amphiphilic and has intrinsic fluorescence. FT-IR, 1H-NMR, TEM, gel permeation chromatography-multi-angle laser light scattering, UV-Vis spectroscopy and fluorescence spectroscopy were used to characterize this copolymer. The TEM observation shows that the copolymer PVP-PyAHy forms micelles in aqueous solution. Results of fluorometric measurements illustrate that the critical micelle concentration (CMC) value of PVP-PyAHy in aqueous solution is about 0.90 mg/mL. To examine the encapsulation ability of the copolymer in aqueous media, methyl yellow was employed as a model hydrophobic agent. The loading level of the polymer to methyl yellow is 8.8 mg/g. The cytotoxicity assays for Madin Darby Canine Kidney (MDCK) cells shows good biocompatibility of PVP-PyAHy in vitro. These results suggest the potential of this copolymer PVP-PyAHy as drugs delivery carrier and fluorescent tracer.