PA/PI‐ND exhibited characteristics of enhanced tumor accumulation and co‐localization efficiency, improved cellular uptake and penetration in an acidic microenvironment after drug delivery to tumor tissues. a) In vivo imaging of mice after administration with Cy5.5, PC‐D, and PC‐ND at different time intervals (tumors are marked with red circles). b) Ex vivo imaging and c) relative fluorescence intensity after mice were sacrificed after treatment 24 h (n = 3, **p < 0.01, compared with Cy5.5 group. #p < 0.05, compared with PC‐D group). d) Laser Confocal Microscopy (LSM) images of cellular uptake at different time intervals on CT26 cells (red, green and yellow colors represent Cy5.5, FITC and merged color, respectively, scale bar = 20 µm). e) LSM images of tumor tissue sections after 4 h administration (scale bar = 20 µm). f) LSM images and g) flow cytometric analysis of cellular uptake in CT26 cells at different pH values (***p < 0.001, scale bar = 50 µm). h) LSM images of cellular uptake of PC‐ND in RAW264.7 cells at different pH values (blue, green, and red colors represent F4/80, CD206, and Cy5.5, respectively, scale bar = 20 µm). i) In vitro penetration of Cy5.5 and PC‐ND in CT26 3D tumor spheroids after incubation for 2 h (scale bar = 50 µm). j) Full scan images of tumor tissue sections after administration of Cy5.5, PC‐D, and PC‐ND for 8 h (scale bar = 1000 µm).