Respropiophenone‐formaldehyde copolymers (RPP‐F) were synthezised by the condensation of 2,4‐dihydroxypropiophenone (respropiophenone (RPP)) and formaldehyde (F) in the presence of NaOH or H2SO4 as catalyst with varied molar ratios of reacting monomers. The copolymers were characterized by elemental analysis, IR spectra, viscosity, and TGA studies. Their M̄n was determined by nonaqueous conductometric titrations and vapour pressure osmometry (VPO). Chelation ion‐exchange properties have also been studied employing the batch equilibration method. Polychelates of Cu(II), Ni(II), Co(II), Mn(II), Zn(II), VO(II), and UO2(II) with RPP‐F‐AI copolymer were prepared. The analytical data agree with 1 : 2 metal‐ligand stoichiometry. Elemental analysis, magnetic, spectral, and thermal properties of polychelates have been studied and probable structures are assigned to the polychelates. All the polychelates are amorphous powders, insoluble in common organic solvents.