In this paper, a novel biodegradable and fluorescent polymer: fluorescein-polylactide (FL-PLA) was synthesized by FL and lactide in the method of ring-opening polymerization with the catalysis of Sn(Oct)2 under 130°C . The structure and molecular weight of FL-PLA were characterized by Fourier transform infrared spectroscopy (FTIR), nuclear magnetic resonance (1H-NMR) spectroscopy, and gel permeation chromatography (GPC). The molecular weight of FL-PLA increased from 9.03×103 to 21.24×103 with decreasing the amount of FL and kept a narrow distribution. The result of differential scanning calorimeter (DSC) showed that Tg increased from 52 to 72°C with increasing the molecular weight of polymer. Moreover, the average number content of FL in each molecular chain decreased from 0.96 to 0.81 with decrement of the amount of FL. Furthermore, FL-PLA showed the fluorescence property, and the fluorescence intensity could be controlled by the amount of FL. The FL-PLA nanoparticles were prepared by mixing the good and poor solvent, and the diameter was about 3 μm with regular spherical morphology.