This study demonstrates the development of pH and thermosresponsive nanoparticles (NPs) composed via cholic acid, PCPP-PLA hybrid polymer integrated with indocyanine green (ICG) for site specific delivery hydrophobic drug (paclitaxel). Drug and ICG were physically encapsulated by poly (bis(carboxyphenoxy)phosphazene) (PCPP)-poly lactic acid hybrid polymer. The hybrid polymer solution showed reversible gelation behaviour at the temperature between 37 °C and 20 °C and also it showed pH dependent drug release capability at acidic pH due to the pH responsive quenching effects of PCPP-PLA. The size (150–200 nm) and morphology of drug-loaded polymeric NPs were characterized using SEM and HR-TEM. Further, the release of loaded paclitaxel (PTX) from polymer was significantly sustained over 12 days. Drug release from the nanoparticles was effectively controlled by the mechanical strength of the polymer. All of these results demonstrate that pH triggered hybrid polymeric NPs are potential carriers for tumor-targeted drug delivery and also it exhibits great strength at 37 °C.