Polymeric near-infrared (NIR) fluorescent nanocapsules were developed, of which the fluorescence exhibited reversible response to local thermal/pH modulation. Our strategy was to use polymeric micelles made of temperature-sensitive Pluronic F-127 to encapsulate an amphiphilic NIR fluorescent dye-indocyanine green (ICG)-within the core and then cross-link the micelle corona by pH-sensitive poly(ethylenimine) (PEI). The size swelling/shrinking property of the micelles induced by temperature decrease/increase was used as a switch to control the fluorescence yield of the nanocapsules. It was found that the fluorescence yield significantly increased with the increase in temperature. The PEI cross-link made the fluorescence yield also sensitive to local. pH change and enhanced intracellular delivery of the nanocapsules as well. Preliminary results suggest the NIR fluorescent probes could be potentially used as a contrast agent sensitive to local environment for translational optical imaging/sensing.