With the demand for the development of lipid–polymer conjugates (LPCs) for biomedical applications, the development of novel, rapid, and efficient methods for the synthesis of LPCs is of great significance. In this study, a novel Y‐type photoinitiator (Lipid‐PI) containing a diacylglycerol group was first synthesized, and then the polymerization of conjugated vinyl monomers such as oligoethylene glycol methyl ether methacrylate (OEGMA) and N,N‐dimethylacrylamide could be rapidly initiated by the Lipid‐PI initiator under Mn2(CO)10 and visible light radiation at room temperature to efficiently prepare LPCs. The 1H‐NMR results revealed that the diacylglycerol moiety resided at the terminal position of the LPCs molecular chain. Through dynamic light scattering and transmission electron microscopy techniques, it was found that the Lipid‐POF (POF is defined as poly(OEGMA‐co‐FluMA)) prepared from OEGMA monomers can self‐assemble into spherical micelles with a particle size of approximately 80 nm in pure water. Furthermore, the in vitro bioassay results illustrate that the prepared Lipid‐POF not only can successfully modify the L929 cell surface but also has good biocompatibility. Overall, this study not only provides a fast and efficient method for synthesizing LPCs but also has broad application potential in the biomedical field.