Telechelic polymers are polymers, generally of moderate molar masses, carrying functional groups at both chain ends. A telechelic polymer is therefore characterized by the nature and the length of the polymer chain and the nature of the functional groups. Classical telechelic polymers are linear macromolecules carrying two identical functional end‐groups. When the polymer contains two different functional groups, it is called “heterotelechelic”. During the past decade, a large number of new synthetic methods for the preparation of telechelic polymers have been proposed in the literature. Free radical addition‐fragmentation reaction has not only been reported to be a new method allowing chain‐length control, because of schematic analogy with chain transfer reaction, but has also been identified as an effective means for generating functional polymers. This review describes new developments in the radical synthesis of heterotelechelic poly(vinyl monomer)s through the use of addition‐fragmentation chain transfer agents.