We report a novel approach for fabrication of multifunctional conjugated polymers, namely poly(p‐phenylene)s (PPPs) possessing polypeptide (poly‐l‐lysine, PLL) and hydrophilic poly(ethylene glycol) (PEG) side chains. The approach is comprised of the combination of Suzuki coupling and in situ N‐carboxyanhydride (NCA) ring‐opening polymerization (ROP) processes. First, polypeptide macromonomer was prepared by ROP of the corresponding NCA precursor using (2,5‐dibromophenyl)methanamine as an initiator. Suzuki coupling reaction of the obtained polypeptide and PEG macromonomers both having dibromobenzene end functionality using 1,4‐benzenediboronic acid as the coupling partner in the presence of palladium catalyst gave the desired polymer. A different sequence of the same procedure was also employed to yield polymer with essentially identical structure. In the reverse sequence mode, low molar mass monomer (2,5‐dibromophenyl)methanamine, and PEG macromonomer were coupled with 1,4‐benzenediboronic acid in a similar way followed by ROP of the L‐Lysine NCA precursor through the primary amino groups of the resulting polyphenylene. © 2015 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2015, 53, 1785–1793