Themacromonomer of 2-hydroxyethyl methyacrylate-caprolactone (HEMA-PCL) was synthesized by the ring-opening polymerization (ROP) of ε-caprolactone initiated by 2-hydroxyethyl methyacrylate (HEMA). The graft terpolymers of PNIPAAm-co-PAAc-co-P(HEMA-PCL) with varying mole ratios were subsequently synthesizedby free radical polymerization of HEMA-PCL, N-isopropylacrylamide (NIPAAm) and acrylic acid (AAc). The copolymers were characterized by NMR、FT-IR and GPC and were self-assembly in the selective solvent. Micellization behaviors of micelles were studied by TEM and DLS. The micelles exhibited a phase transition temperature which can be readily adjusted by controlling the components of copolymer in the preparation process and pH value in the micellization system. Micelle loaded with doxorubicin (DOX) was used to evaluate the drug release behavior. The release of DOX from micelles could be controlled by varying the pH and temperature in buffer solutions. This new prepared PNIPAAM-co-PAAC-co-P(HEMA-PCL) nanoparticles are expected to potentially use as a new anticancerdrug carrier for intracellular delivery.