The preparation, properties, characterization, use, economic importance, and future of synthetic copolymers are reviewed. The theory of copolymerization is explained for chain‐growth polymers. Literature values of reactivity ratios for various synthetic methods indicate that different types of polymers are obtained, depending on the synthetic method employed. The effect of monomer unit arrangement in copolymers is presented. Emphasis is placed on its effect on physical properties such as glass‐transition temperature, morphology, and mechanical properties. Industrially important random, alternating, block, and graft copolymers are discussed with respect to their economic importance (industrial sources and amounts produced). Finally, the future trends in copolymer synthesis are addressed. Applying new polymer synthesis techniques (eg, group‐transfer polymerization and ring‐opening olefin metathesis) to make well‐tailored copolymers is stressed.