The oxidation of vinyl compounds such as styrene, α‐methylstyrene, methyl methacrylate, acrylonitrile with molecular oxygen in the presence of N‐hydroxyphthalimide have been studied. It was shown that the N‐hydroxyphthalimide is efficient in initiation of the oxidative polymerization of vinyl monomers. The products of the monomer oxidation at 66 °C and 1 atm of O2 are corresponding polyperoxides and low molecular carbonyl compounds. IR‐ and 1H NMR spectroscopy confirm the alternating copolymer structure of polyperoxides with –O–O– bonds in the main chain. In the oxidative polymerization of vinyl monomers initiated with the mixtures of N‐hydroxyphthalimide and 2,2′‐azobisisobutyronitrile or benzoyl peroxide it was observed a synergistic effect of initiators’ action. N‐hydroxyphthalimide reacts with molecular oxygen, initiator radicals or monomer to form the phthalimide‐N‐oxyl radical, which participates in the chain initiation stage and does not participate in the termination stages, which leads to a synergistic effect.