The development of dual-imaging enabled cancer-targeting nanoparticles (DICT-NPs) is reported based on newly developed biodegradable photoluminescent polymers and superparamagnetic iron oxide nanoparticles. DICT-NPs possess capabilities of dual-imaging (magnetic resonance imaging and optical imaging), magnetic targeting, and potentially selective targeting for cancer cells. The development of DICT-NPs address the concerns in dual-imaging nanoparticles where photobleaching organic dyes and cytotoxic quantum dots are usually adopted.