The Rayleigh-Taylor (RT) instability that occurs in the flow of polymer fluids is numerically investigated with dissipative particle dynamics (DPD) method at the mesoscale particle level. For modeling two-phase flow, the Flory-Huggins parameter is introduced to model binary fluids. And the polymer chains in fluids are described by the modified FENE model that depicts both the elastic tension and the elastic repulsion between the adjacent beads with bond length as the equilibrium length of one segment. Besides, a bead repulsive potential is employed to capture entanglements between polymer chains. Through our model and numerical simulation, we research the dynamics behaviors of the RT instability in polymer fluid medium. Furthermore, we also explore the effects of polymer volume concentration, chain length, and extensibility on the evolution of RT instability. These simulation results show that increasing any of the parameters, concentration, chain length, and extensibility, the saturation length of spikes becomes longer, and the two polymer fluids have less mixture. On the contrary, for the case of low concentration, or short chain, or small extensibility, the spikes easily split and break up, and the RT instability pattern evolves into chaotic structure. These observations indicate that the polymer and its properties drastically modify the RT instability pattern.