The living cationic polymerization of vinyl ethers has been used to prepare a number of new polymers with special properties. Sequential polymerization of the hydrophilic methyl vinyl ether (MVE) and the hydrophobic octadecyl vinyl ether (ODVE) has lead to amphiphilic block‐copolymers with emulsifying properties for water/decane mixtures. Poly(vinyl‐ether) macromonomers were obtained by end‐capping of living polymers with hydroxyethyl acrylate. Copolymerization of polyODVE‐macromonomer with usual acrylates lead to highly branched hydrophobic polymers. When the end‐capping was performed with bifunctionally living polymers, the corresponding “bis‐macromonomers” were obtained. Copolymerization of such bis‐macromonomers with styrene or butyl acrylate, leads to the formation of segmented polymer networks. In the case of polyODVE‐poly(butyl acrylate), these networks showed a pronounced phase separation. Due to the crystallinity of the polyODVE domains, these materials showed shape memory properties.