A novel polymeric micellar formulation of paclitaxel (PTX) with Pluronic/poly(caprolactone) (P105/ PCL50) has been developed with the purpose of improving in vitro release and in vivo circulating time of PTX in comparison to the current Taxol injection. This study was designed to investigate the preparation, in vitro release, in vivo pharmacokinetics and tissue distribution of the PTX-loaded, biodegradable, polymeric, P105/PCL50 micelle system. The drug-loaded micelles were prepared by dialysis using the hydrophobic drug, PTX, and the nonionic surfactant Pluronic P105 modified with a low molecular weight PCL. The results of dynamic light scattering (DLS) experiment indicated that the PTX-loaded micelles had a mean size of approximately 150 nm with narrow size distribution (polydispersity index < 0.3). The in vitro release study showed that the release of PTX from the micelles exhibited a sustained release behavior. A similar phenomenon was also observed in a pharmacokinetic assessment in rats, in which t1/2 beta and AUC of the PTX micelle formulation were 4.0 and 2.2-fold higher than that of Taxol injection. The biodistribution study in mice showed that the PTX micelle formulation not only decreased drug uptake by the liver, but also prolonged drug retention in the blood, and increased the distribution of drug in kidney, spleen, ovaries and uterus. These results suggested that the P105/ PCL50 polymeric micelles may efficiently load, protect and retain PTX in both in vitro and in vivo environments, and could be a useful drug carrier for i.v. administration of PTX.