Hydrogen peroxide (H2O2) is one of essential oxygen metabolites in living organisms, but is generated in large amounts during inflammatory responses. Therefore, H2O2 has great potential as diagnostic and therapeutic markers of several inflammatory and life‐threatening diseases. Here, chemiluminescent and antioxidant micelles are reported as novel theranostic agents for H2O2‐associated inflammatory diseases. The chemiluminescent micelles composed of amphiphilic block copolymer Pluronic F‐127, hydroxybenzyl alcohol‐incorporated copolyoxalate (HPOX) and fluorescent dyes perform peroxalate chemiluminescence reactions to detect H2O2 as low as 100 nM and image H2O2 generated in inflamed mouse ankles. The micelles encapsulating HPOX reduce the generation of reactive oxygen species in lipopolysaccharide (LPS)‐activated macrophages by scavenging overproduced H2O2 and releasing antioxidant hydroxybenzyl alcohol (HBA). They also exert inhibitory effects on H2O2‐induced apoptosis. HPOX‐based chemiluminescent and antioxidant micelles have great potential as a theranostic agent for H2O2‐associated inflammatory diseases.

Chemiluminescent micelles contain polyoxalate and fluorophore in the core and are capable of performing a peroxalate chemiluminescence reaction with hydrogen peroxide. Hydrogen peroxide is generated in large amounts during inflammatory responses. As reported by Dongwon Lee and co‐workers , diffusion of hydrogen peroxide into the interior of chemiluminescent micelles initiates the peroxalate chemiluminescence reaction and subsequent light emission, allowing the detection of inflammatory diseases.