Cashew gum (CG) shows promise of being useful as an agro-based raw material for the production of eco-friendly and biodegradable polymers. In this work, we modified this water-soluble polymer with alkenyl succinic anhydride in order to attach a hydrophobic group to it. The modification used two reagents: octenyl succinic anhydride and tetrapropenyl succinic anhydride. Reactions were conducted at 120 °C using dimethyl sulfoxide as a solvent, with conversions better than 88%. Samples with degrees of substitution (DS) between 0.02 and 0.20 were made. The resulting polymers were characterized using 1H NMR, 13C NMR, FTIR, TGA, and GPC. The addition of the hydrophobe decreased the affinity of cashew gum for water absorption. Hydrophobically modified polysaccharides are often used as polymeric emulsifiers, thickeners, and compatibilizers; we anticipate that these new hydrophobically modified CGs may be used for the same applications.