An analysis of literature data on the set of reactions for the production of macromolecules with a high content of phosphorus and sulfur has been carried out, and basic approaches that allow the introduction of these elements into the composition of polymers and polymeric materials have been considered in compliance with the fundamental principles of green chemistry. Methods for synthesis of functional polymers under mild conditions that require minimal energy input from external sources, which can become new growth points for green industrial technologies, are considered. Particular attention focuses on the synthesis of polyphosphazenes and polyphosphoesters for biomedical purposes, as well as on the inverse vulcanization reaction to give polymers used in sorption wastewater treatment, the creation of current sources, and IR optics.