• Pluronic stabilized conjugated polymer nanoparticles (CP-NP-Plu) are prepared. • CP-NP-Plu present photothermal conversion efficiency of 61% under NIR irradiation. • 2-fold increase of singlet oxygen generation quantum yield due to encapsulation with Plu • NIR fluorescence imaging ability validated at single nanoparticle level. Besides their intensive application as solar photovoltaic materials, low bandgap conjugated polymers have been recently exploited in cell imaging and phototherapeutic applications due to their photoactivity in the near-infrared (NIR) spectral domain, also known as the “biologically transparent window”. Herein, Poly[2,6-(4,4-bis-(2-ethylhexyl)-4H-cyclopenta [2,1-b;3,4-b′]dithiophene)-alt-4,7(2,1,3-benzothiadiazole) (PCPDTBT) conjugated polymer was used to prepare novel NIR activatable theranostic nanoparticles, via nanoprecipitation method, for fluorescence imaging and dual photothermal-photodynamic therapy (PTT-PDT) applications. To overcome the drawback of hydrophobicity of PCPDTBT, the approach of encapsulating the obtained nanoparticles with a layer of Pluronic F127 amphiphilic block co-polymer was herein applied. The Pluronic layer not only provides excellent colloidal stability, but also ensures enhanced fluorescence emission, improved photothermal heating and singlet oxygen generation ability of the nanoparticles in aqueous dispersion. Specifically, upon irradiation with a NIR laser at 785 nm, the obtained nanoparticles exhibit good thermal response and excellent photostability leading to a photothermal conversion efficiency of 61%. Moreover, a near two-fold increase in the singlet oxygen generation quantum yield due to encapsulation with Pluronic is also detected. Furthermore, fluorescence imaging measurements on single nanoparticle immobilized on glass substrate reveal their potential as fluorescence contrast agents. The enhanced fluorescence and improved therapeutic properties of our nanoparticles suggest the possibility to be employed as NIR activatable theranostic agents via dual phototherapy combined with high-resolution fluorescence tracking.