Multiple myeloma (MM) is a second ranking hematological malignancy. Despite the fast advancement of new treatments such as bortezormib and daratumumab, MM patients remain incurable and tend to eventually become relapsed and drug‐resistant. Development of novel therapies capable of depleting MM cells is strongly needed. Here, daratumumab immunopolymersomes carrying vincristine sulfate (Dar‐IPs‐VCR) are reported for safe and high‐efficacy CD38‐targeted chemotherapy and depletion of orthotopic MM in vivo. Dar‐IPs‐VCR made by postmodification via strain‐promoted click reaction holds tailored antibody density (2.2, 4.4 to 8.7 Dar per IPs), superb stability, small size (43–49 nm), efficacious VCR loading, and glutathione‐responsive VCR release. Dar4.4‐IPs‐VCR induces exceptional anti‐MM activity with an IC50 of 76 × 10−12 m to CD38‐positive LP‐1 MM cells, 12‐ and 20‐fold enhancement over nontargeted Ps‐VCR and free VCR controls, respectively. Intriguingly, mice bearing orthotopic LP‐1‐Luc MM following four cycles of i.v. administration of Dar4.4‐IPs‐VCR at 0.25 mg VCR equiv. kg−1 reveal complete depletion of LP‐1‐Luc cells, superior survival rate to all controls, and no body weight loss. The bone and histological analyses indicate bare bone and organ damage. Dar‐IPs‐VCR appears as a safe and targeted treatment for CD38‐overexpressed hematological malignancies.