Poly(styrene-co-acrylonitrile)-graft-poly(propylene oxide) (PSAN-graft-PPO), the stabilizer formed in situ in the dispersion polymerization of styrene, acrylonitrile and macromonomer PPO maleate in PPO polyol, was separated from ungrafted copolymer PSAN by liquid chromatography. After the determination of the separation conditions by thin-layer chromatography, the effective separation of the graft polymer from copolymer PSAN was achieved by liquid column chromatography. The graft ef®ciency and the composition of the graft polymer was determined by UV and 1 H NMR, and the formation characteristics of the graft polymer are discussed.