Multifunctional polymeric vesicles were developed for targeted drug delivery and imaging. To fabricate this system, a biodegradable amphiphilic diblock copolymer, folate-poly(ethylene glycol)-poly(D,L-lactide) was designed and synthesized through sequential anionic polymerization in a well-controlled manner. Hydrophobic superparamagnetic iron oxide nanoparticles were loaded into the hydrophobic membrane for ultra-sensitive magnetic resonance imaging. Meanwhile, the anticancer drug, doxorubicin was encapsulated in the aqueous core of the vesicles. Cell culture experiments demonstrated the potential of polymeric vesicles as an effective targeting nanoplatform for the delivery of anticancer drugs due to the folate attached to the surface of the vesicles.