Abstract: A biodegradable polymeric drug carrier micelle composition capable of solubilizing a hydrophobic drug in a hydrophilic environment comprises a biodegradable polymeric drug carrier micelle and a hydrophobic drug wherein the drug is physically trapped within and not covalently bonded to the polymeric drug carrier micelle. The drug carrying micelle is capable of dissolving in water to form a solution thereof, and the drug carrier comprises an amphiphilic block copolymer having a hydrophilic poly(alkylene oxide) component, and a biodegradable hydrophobic polymer component selected from the group consisting of poly(lactic acid), poly(glycoloc acid), poly(lactic-co-glycolic acid), poly(&egr;-caprolactone), a derivative thereof and a mixture thereof. Preferably the amphiphilic block copolymer has a molecular weight in a range of about 1430 to about 6000 Daltons and the hydrophilic component content is in a range of about 50 wt % to about 70 wt % based on the total weight of the block copolymer.