Micelle-like nanoparticles that could be used as drug delivery carriers were developed. The unique feature of these nanoparticles was that the core of poly(ethylene oxide)-b-poly(Nisopropylacrylamide) (PEO-b-PNIPAAm) micelle was lightly crosslinked with a biodegradable crosslinker N,N-bis(acryloyl)cystamine (BAC). The nanoparticles were characterized by dynamic light scattering and fluorescence measurements. When the BAC was from 0.75 wt% to 0.2 wt% of the mass of NIPAAm, the diameters of the nanoparticles were less than 150 nm. The anti-cancer drug doxorubicin (Dox) and 1,6-diphenyl-1,3,5-hexatriene (DPH) were used as fluorescent probes to study the hydrophobicity of the cores of the nanoparticles; the results showed that the cores of the nanoparticles were hydrophobic enough to sequester Dox and DPH. The nanoparticles with 0.5 wt % BAC stored at room temperature were stable up to two weeks, even at dilute concentrations. The degradation of BAC by reducing agent β-mercaptoethanol was investigated, and the nanoparticles were not detectable 14 days after adding β-mercaptoethanol.