Poly(isobutyl vinyl ether)-graft-poly(ethylene oxide) graft co-polymer with pendant methacrylate groups (PIBVE-g-PEO) was obtained by photoinitiated living cationic co-polymerization of isobutyl vinyl ether (IBVE) with α-vinyloxy-ω-methacryloyl-poly(ethylene oxide) (VE-PEO-MA) macromonomer. For this purpose, anionically prepared VE-PEO-MA hybrid macromonomer and IBVE were irradiated in the presence of diphenyl iodonium iodide and zinc iodide as photoacid generator and activator, respectively. Successful graft co-polymerization and conservation of pendant double bonds were confirmed by GPC, and 1 H-NMR and FT-IR spectral analysis. The free radical photo-cross-linking behavior of the graft co-polymer was demonstrated.