Polystyrene (PS) is widely used in our daily life, but it is flammable and produces a large number of toxic gases and hightemperature flue gases in the combustion process, which limit its application. Improving the flame retardancy of PS has become an urgent problem to be solved. In addition, in view of the disadvantage that small-molecule flame retardants can easily migrate from polymers during use, which leads to the gradual reduction of the flame retardant effect or even loss of flame retardant performance, and the outstanding advantages of ATRP technology in polymer structure design and function customization, we used ATRP technology to synthesize the high-molecular-weight bifunctional additive PFAA-DOPO-b-PDEAEMA, which has flame retardant properties and antistatic properties. The chemical structure and molecular weight of PFAA-DOPO-b-PDEAEMA were characterized by FTIR, 1 H NMR, GPC, and XPS. When the addition of PFAA-DOPO-b-PDEAEMA was 15 wt %, the limiting oxygen index (LOI) of polystyrene composites was 28.4%, which was 53.51% higher than that of pure polystyrene, the peak of the heat release rate (pHRR) was 37.61% lower than that of pure polystyrene, UL-94 reached V-0 grade, and the flame retardant index (FRI) was 2.98. In addition, when the PFAA-DOPO-b-PDEEMA content is 15 wt %, the surface resistivity and volume resistivity of polystyrene composites are 2 orders of magnitude lower than those of polystyrene. This research work provides a reference for the design of bifunctional and even multifunctional polymers.