Dehydrocoupling and hydrosilation reactions of the Si−H bonds in poly(phenylsilane) catalyzed by B(C 6 F 5 ) 3 allow the preparation of new polymers containing both Si−H and Si−SR side chains. This postpolymerization modification takes place without any observable competing Si−Si bond cleavage, unlike other Lewis acid, transition-metal, or radical mediated routes. The −SR-functionalized polymers have been characterized by GPC, IR, UV−vis, elemental analysis, and 1 H, 13 C, and 29 Si NMR.