We report the synthesis of the amphiphilic diblock copolymer, poly (vinyl phenol)- block -poly (vinyl alcohol), and its reversible formation of invertible core-shell nanoparticles. The diblock copolymer composed of poly (4vinylphenol) (P4VPh) and poly (vinyl alcohol) (PVA) was prepared by the switchable reversible additionfragmentation chain transfer polymerization (switchable-RAFT) of 4-acetoxystyrene and vinyl acetate and subsequent acetyl deprotection. The diblock copolymer was soluble in dimethyl sulfoxide (DMSO) but selfassembled into core-shell nanoparticles with the addition of H 2 O or tetrahydrofuran (THF). The formation and transition of the invertible core-shell system in response to solvent composition was characterized by 1 H NMR, dynamic light scattering, and transmission electron microscopy. Interestingly, the fluorescent behavior of the P4VPh block was changed according to the morphological change of core-shell nanoparticle induced by solvent composition. With increasing the H 2 O content, the P4VPh chains in the DMSO solution collapsed and the diblock copolymers self-assembled to core-shell type micelles. Aggregation of P4VPh chains increased the local concentration of the phenolic group, resulting in fluorescence quenching. However, with the addition of THF to the DMSO solution, the inverted core-shell nanoparticles were formed where segregated P4VPh chains showed fluorescence.