In this study, we compared the selectivity, safety and activity of doxorubicin (Dox) entrapped in PEGylated liposomes versus Dox conjugated to pullulan (Pull) based nanocarriers and their Folate Receptor (FR)-targeted version, bearing Folic Acid (FA). Both FR-targeted drug delivery systems (DDS) were shown to interact in vitro specifically with cells via the FA ligand. When the DDS were administered intravenously every other day to FR-overexpressing human cervical carcinoma KB tumor-bearing mice, the Pull conjugates displayed similar and low antitumor activity as free Dox. At this dosing regimen, both liposome-based formulations displayed enhanced antitumor activity although they suffered from reversible toxicity. Using a daily dosing schedule, with higher cumulative dose, the folated-Pull conjugate strongly inhibited tumor growth while free Dox was toxic. For polymeric constructs, increasing dose intensity and cumulative dose strongly affects the therapeutic index and reveals a major therapeutic advantage for the FR-targeted formulation. All DDS were able to abrogate doxorubicin-induced cardiotoxicity.