Stimuli‐responsive polymers undergo changes under different environmental conditions. Among them, phenylboronic acid (PBA) containing polymers (PBA‐polymers) are unique, because they can selectively react with diols to generate borates that are sensitive to pH, sugars, and H2O2, and can be effectively used to synthesize smart drug carriers and self‐healing hydrogels. Recently, multifunctional PBA‐polymers (MF‐PBA‐polymers) have been developed using multicomponent reactions (MCRs) to introduce PBA groups into polymer structures. These MF‐PBA‐polymers have features similar to those of traditional PBA‐polymers; moreover, they exhibit additional properties, such as fluorescence, antimicrobial activity, and antioxidant capability, when different MCRs are used. In this mini review, the preparation of these MF‐PBA‐polymers are summarized and the new properties/functions that have been introduced into these polymers using different MCRs are discussed. The uses of these MF‐PBA‐polymers as fluorescent cell anticoagulants, drug carriers, and gelators of functional self‐healing hydrogels have been discussed. Additionally, the challenges encountered during their preparation are discussed and also the future developments in this field are touched upon.