In this study, a polymer with tumor targeting function and dual redox/pH sensitivity is designed and synthesized by integrating chitosan (CS), Poloxamer 407 (P407), cholesterol (CHO), folic acid (FA), and disulfide bonds into one molecule (P407‐CS(FA)‐SS‐CHO). The polymer can self‐assemble in water to form micelles and solubilize paclitaxel (PTX). The mean particle size of PTX‐loaded P407‐CS(FA)‐SS‐CHO micelles is 133 nm. In vitro drug release study demonstrates the acid and glutathione (GSH) triggered PTX release behavior of the micelles. In vitro and in vivo experiments demonstrate the excellent tumor growth inhibition efficacy and low systemic toxicity of the PTX‐loaded micelles. The P407‐CS(FA)‐SS‐CHO micelles will be potential intelligent drug carriers for PTX delivery.