As an effective and versatile tool for production of functional polymer, RAFT polymerization has been successfully applied to the polymerization of block copolymers and other polymers of complex architectures with precisely controlled structure, molecular weight, and polydispersity. It has the ability to control polymerization of most monomers and has fine compatibility with reaction conditions. The present article summarized some of the features of the RAFT process, and reviewed the recent advances in the production of green polymers.