In the present study the thermal behavior of phosphorus-and phosphorus/nitrogen-containing functional polymers was studied. The polymers were synthesized via oxidative chlorophosphorylation reaction of butadiene rubber and were subsequently subjected to hydrolysis, aminolysis and/or alcoholysis in order to introduce appropriate functionalities. The successful modifications of the polymer and presences of functional groups were determined using Fourier Transform Infrared Spectroscopy. It was found that the product of hydrolysis of the modified butadiene rubber contains acidic groups in its structure, the products of aminolysis and alcoholysis contain both acidic and amine and/or an alcohol derived moieties. The kinetic analyses of the thermal decomposition reaction were evaluated using thermogravimetric analysis and subsequently Friedman and Ozawa-Flynn-Wall methods. It was shown that degradation of the cross-linked polymers depends on the attached functional groups. The mass loss and the overall kinetic parameters of degradation showed complex mechanisms which characterize these thermal reactions.