Disclosed is a multi-arm targeting drug coupling agent modified by a water-soluble polymer; the drug coupling agent has the structural formula of (III). In formula (III), R is an organic center, POLY is a polymer, L is a polyvalent linker, T is a targeting molecule, D is a camptothecin drug, and q is any integer between 3 and 8. The drug conjugate can improve the poor water solubility, high toxicity and low bioavailability of camptothecin drugs.