remarkable advantages of early diagnosis, visible drug delivery, and therapeutic efficiency, in view of its noninvasive, fast responsive, and highly sensitive properties. [2] In recent years, photodynamic therapy (PDT), which employs a photosensitizer upon light irradiation to bring about cytotoxic reactive oxygen species (ROS), has emerged as a noninvasive and reliable cancer therapeutic modality. Thanks to the inherent fluorescence of photosensitizers, PDT affords a fascinating prospect for fluorescence guided cancer therapy. [3] However, traditional photosensitizers in fluorescence guided PDT (FL-PDT) like porphyrins and phthalocyanines are π-conjugated hydrophobic molecules and strongly aggregate in biological samples. They suffered from aggregation-caused quenching (ACQ) effect due to the intermolecular π−π stacking. [4] The aggregation of photosensitzers, especially after they accumulated in cells, cause severe quenching of both fluorescence and the ROS generation capability, which resulted in poor imaging quality and therapeutic efficiency. [5] Worse more, these "always on" photosensitizers are also emissive in nontumor region, resulting in poor signalto-noise ratio. Thus, it is highly desirable but still very challenging to develop activatable "turn on" photosensitizers with both bright luminescence and high ROS production capability even in the aggregated state for efficient FL-PDT. Fluorescence guided photodynamic therapy (FL-PDT) offers the great opportunity for realizing personalized medicine in the treatment of cancer. Aggregation-induced emission luminogens (AIEgens) with efficient emission and reactive oxygen species (ROS) generation even in the aggregated state are the ideal FL-PDT photosensitizers to overcome the quenched fluorescence and ROS that traditional photosensitizers faced in PDT. Moreover, considering the higher levels of H 2 O 2 in cancer cells than in normal cells and the fact that lipid droplet (LD) accumulation correlates to the enhanced survival rate of cancer cells in hypoxic conditions, it will be very interesting and rewarding to develop a LD-targeted, H 2 O 2 activatable AIE-active photosensitizer for FL-PDT. Thereafter, a LD-targeted fluorescent probe TPECNPB is fabricated for H 2 O 2-activatable fluorescence guided PDT of cancer cells. AIE-active TPECNPB exhibits the unique features of large Stokes shift (175 nm), superior photostability, and excellent selectivity toward H 2 O 2. TPECNPB is able to selectively accumulate in LD and is activated by endogenous H 2 O 2 for light-up bioimaging in live MCF-7 cells. In addition, H 2 O 2-activatable singlet oxygen generation and PDT of cancer cells has also been successfully implemented with TPECNPB. These prominent parameters would make TPECNPB a powerful toolbox for H 2 O 2-activatable and LD-targetable fluorescence guided PDT of cancer cells.