A series of novel phosphonated proton exchange membranes has been prepared using poly(styrene‐ethylene/butylene‐styrene) block copolymer (PSEBS) as base material. Phosphonic acid functionalization of the polymer was performed by a simple two‐step process, via chloromethylation of PSEBS followed by phosphonation utilizing the Michaels–Arbuzov reaction. The successful phosphonation of the polymers were characterized by NMR and Fourier transform infrared. The phosphonated ester form of the membranes were obtained by solvent evaporation method and hydrolyzed to get a proton conducting membrane. The membrane properties such as ion exchange capacity, water uptake and proton conductivity at various temperatures were examined for their suitability to be utilized as a high temperature polymer electrolyte. Additionally, the morphology, thermal, and mechanical properties of the synthesized membranes were investigated, using scanning electron microscope, thermogravimetric analysis, and tensile test, respectively. The effective (anhydrous) proton conductivity was studied with respect to various degrees of functionalization. From the studies, the membranes were found to have a comparatively good conductivity and one of the membranes reached the maximum value of 5.81 mS/cm2 at 140 °C as measured by impedance analyzer. It was found that the synthesized membranes were mechanically durable, chemically, and thermally stable. Hence, the synthesized phosphonated membranes could be a promising candidate for high temperature polymer electrolyte fuel cell applications. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2018, 135, 45954.