Liquid crystalline triblock copolymers with LC inner block and amorphous outer blocks have been synthesized by “living” anionic polymerization and investigated using DSC, TEM, and small‐angle x‐ray diffraction. All samples of poly[styrene‐block‐2‐(3‐cholesteryloxycarbonyloxy) ethyl methacrylate‐block‐styrene] (PS‐b‐PChEMA‐b‐PS) show liquid crystalline behavior and phase separation between the blocks. Compared to triblock copolymers with PS inner block (PChEMA‐b‐PS‐b‐PChEMA) and diblock copolymers (PS‐b‐PChEMA) the LC block copolymers with PS outer blocks have the same properties. The LC behavior and the morphology do not depend on the block arrangement; they are only influenced by the volume fractions of the blocks. Those samples in which the liquid crystalline subphase is not continuous (spheres) only a nematic phase was found, whereas in all samples with a continuous liquid crystalline subphase, the smectic A phase of the homopolymer was observed. © 1996 John Wiley & Sons, Inc.