We report a novel synthetic strategy of polymer-drug conjugates for nanoparticulate drug delivery: hydroxyl-containing drug (e.g., camptothecin, paclitaxel, doxorubicin and docetaxel) can initiate controlled polymerization of phenyl O-carboxyanhydride (Phe-OCA) to afford drug-poly(Phe-OCA) conjugated nanoparticles, termed drug-PheLA nanoconjugates (NCs). Our new NCs have well-controlled physicochemical properties, including high drug loadings, quantitative drug loading efficiencies, controlled particle size with narrow particle size distribution, and sustained drug release profile over days without “burst” release effect as observed in conventional polymer/drug encapsulates. Compared with polylactide NCs, the PheLA NCs have increased non-covalent hydrophobic inter-chain interactions and thereby result in remarkable stability in human serum with negligible particle aggregation. Such distinctive property can reduce the premature disassembly of NCs upon dilution in blood stream, prolong NCs' in vivo circulation with the enhancement of intratumoral accumulation of NCs, which have a bearing in therapeutic effectiveness.