The synthesis of water soluble star‐block copolypeptides and their encapsulation properties are described. The star‐block copolypeptides, obtained by ring‐opening polymerization of amino acid N‐carboxyanhydrides, consist of a PEI core, a hydrophobic polyphenylalanine or polyleucine inner shell, and a negatively charged polyglutamate outer shell. The encapsulation study showed that these water soluble, amphiphilic star‐block copolypeptides could simultaneously encapsulate versatile compounds ranging from hydrophobic to anionic and cationic hydrophilic guest molecules.