A novel poly(acrylonitrile‐co‐butadiene‐co‐styrene) (ABS) antistatic and flame‐retardant agent, poly(ethylene glycol) methacrylate/methyl methacrylate/diethyl allylphosphonate (PMMD), was synthesized from poly(ethylene glycol) methacrylate, methyl methacrylate, and diethyl allylphosphonate by free‐radical precipitation polymerization in the aqueous phase to improve the antistatic and flame‐retardant performance at the same time. Through adjustments of the molar ratios of the three monomers, various antistatic, flame‐retardant copolymers (PMMD) were synthesized. The molecular structure and thermal stability of PMMD were analyzed with Fourier transform infrared spectroscopy and thermogravimetric analysis. The electrical resistivity and flame‐retardant and mechanical properties of the ABS/PMMD composites were analyzed by a ZC90 megohmmeter, an oxygen index meter, a vertical burning tester, a memory impact testing machine, and a tensile testing machine. The morphology of PMMD in the ABS blends was characterized with scanning electron microscopy. The compatibilities of PMMD and ABS were characterized by the calculation of the thermodynamic work of adhesion via the measurement of the contact angle. The results show that the antistatic and flame‐retardant performance of ABS were greatly improved by the PMMD copolymer and the mechanical properties of ABS showed little reduction. © 2016 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2016, 133, 44126.