Chain-exchange kinetics strongly depends on polymer concentration, its compatibility with the solvent, temperature, etc. [6][7][8] An early theory for micelles of amphiphilic molecules [9] states that their relaxation involves: (1) a fast process associated with the quick exchange of single polymer chains between the micelles and the surrounding bulk phase, and (2) a slow process for the micelle fission/ fusion process. Halperin and Alexander [10] showed that the unimer expulsion/insertion has the lowest activation energy, while micelle fusion and fission are not favored either energetically or entropically. [10,11] They deduced a scaling law for the fast relaxation process using Kramer's rate theory, and described the relaxation kinetics by a single exponential decay function. It should be noted that these theoretical studies are based on the assumption of very long core or corona forming blocks, and do not take into account the dependence of the micelle size distribution and aggregation number on the corona-forming block length.A number of experimental studies found that the chain-exchange kinetics can be fitted by a doubleexponential function [6][7][8]12,13] and the phenomenon were attributed to micellar fusion/fission along with unimer expulsion/insertion though there was no conclusive evidence. These studies of system dynamics used Dissipative particle dynamics simulation is employed to study the chain exchange kinetics between micelles of diblock copolymer in aqueous solution via in silico hybridization method. One focus is placed on the effect of chain flexibility on the dynamic behavior by varying the spring constant in the bead-spring model. The length ratio of hydrophilic to hydrophobic block is also varied. It is found that chain expulsion/insertion is the dominant mechanism in the chain exchange process. The most interesting finding is the multimodal relaxation behavior for the chain exchange and expulsion when the spring constant is small or the length ratio of hydrophilic to hydrophobic block is large. This phenomenon is due to an increase in size polydispersity of micelles with rising population of small aggregates/micelles, for which the exchange kinetics is faster. Micelles with larger aggregation numbers (>10) are found to follow single exponential relaxation kinetics.