Combining the characteristics of rare earth extractants and water-soluble polymer complexants, a novel complexant phosphorylated chitosan (PCS) was synthesized by Kabachnik–Fields reaction with alkalized chitosan, dimethyl phosphonate, and formaldehyde as raw materials and toluene-4-sulfonic acid monohydrate (TsOH) as catalyst. The complexation properties of PCS and poly (acrylic acid) sodium (PAAS) for lanthanum ions in the solution were compared at the same pH and room temperature. In addition, the frontier molecular orbital energies of polymer–La complexes were calculated by the density functional theory method, which confirmed the complexation properties of the polymers to rare earths. The results indicate that the PCS has better water solubility compared with chitosan and good complex ability to rare earths, which can be used for rare earth separation by the complexation–ultrafiltration process.