Nanoformulations show many therapeutic advantages over conventional formulations. We seek to develop traceable nanoformulations in order to closely monitor delivery. Herein, we developed a new drug delivery system (DDS) using tetraphenylethene (TPE) to fabricate a self-assembly micelle with aggregation-induced emission (AIE micelle). AIE makes the nanocarriers visible for high-quality imaging, and the switching on and off of the AIE is intrinsically controlled by the assembly and disassembly of the micelles. This DDS was tested for doxorubicin (DOX) delivery and intracellular imaging. For the DOX-loaded micelles (TPED), the DOX content reached as much as 15.3% by weight, and the anticancer efficiency was higher than for free DOX. Meanwhile, high-quality imaging was obtained to trace the intracellular delivery of the TPED.