An object of the present invention is to provide ahyaluronic acid-methotrexate conjugate useful as atherapeutic drug for joint diseases.There is provided a hyaluronic acid-methotrexate conjugateuseful as a therapeutic drug for joint diseases, whereinmethotrexate is conjugated with a carboxyl group ofhyaluronic acid through a linker containing a peptide chainconsisting of 1 to 8 amino acids.