Although polymeric hydrocarbons (PCH) carry no functions, they can be modified in many ways. Unsaturated PCH undergo addition reactions as hydrogenation, halogenation, epoxidation and thiol addition. Saturated PCH can be substituted with various functions, notably halogen and chlorosulfonyl groups. All PCH can be modified, by a grafting mechanism, with functional monomers as maleic anhydride. Some modified PCH play a major role in multiphase systems as blends, rubber‐modified thermoplastics and thermoplastic elastomers. Attractive grafting procedures involve in‐situ grafting in PCH/monomer solutions and during reactive blending processes.