Not only does the molecular iodine play a leading role in organic synthesis but also in the polymer synthesis. Different kinds of polymerization initiated by molecular iodine are herein screened: cationic polymerization, radical polymerization, living/controlled radical polymerization (LCRP) such as reverse iodine transfer polymerization, polycondensation, and ring-opening polymerization (ROP). Also, the functionalization of polymers using molecular iodine, such as the acetylation of polysaccharides (cellulose, starch), and the use of iodine-polymer complex in organic synthesis are also discussed. Numerous natural and synthetic polymers are prone to make complexes with molecular iodine, and one feature of such complexes is their propensity as polymer-supported reagent and catalysts in many organic syntheses.