A light stabilizer compound of 2‐(2′‐propionyloxy‐5′‐methylphenyl) benzotriazole (AMB) was synthesized by the esterification of the 2‐(2′‐hydroxy‐5′‐methylphenyl) benzotriazole with acryloyl chloride (AC), and the AMB was then copolymerized with the methyl methacrylate (MMA), butyl acrylate (BA), and silicone monomers (D4) to prepare the silicone light toughener of poly(D4‐MMA‐BA‐AMB). Effects of the AMB monomer on the conversion and polymerization stability and the toughening and photostabilizing effects of the poly(D4‐MMA‐BA‐AMB) on the polycarbonate (PC) were studied. The prepared multifunctional toughening agent was characterized by Fourier transform infrared spectroscopy, nuclear magnetic resonance spectroscopy, thermogravimetric analyzer, transmission electron microscopy, dynamic light scattering analyzer, and ultraviolet absorption spectroscopy. Results show that the prepared poly(D4‐MMA‐BA‐AMB) toughening agent possessed core–shell structure and could effectively absorb the ultraviolet rays. Although the addition of the poly(D4‐MMA‐BA‐AMB) toughening agent had a negative effect on the tensile strength of the PC, it could greatly improve the low‐temperature notched impact strength, toughness performance, and yellowness performance of PC products after UV irradiation. Compared with the silicone toughening agent, the toughening agent of the poly(D4‐MMA‐BA‐AMB) had better anti‐ultraviolet property for the PC/poly(D4‐MMA‐BA‐AMB) composite. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2020, 137, 48747.