One‐step synthesis of star copolymers by reversible addition–fragmentation chain transfer (RAFT) and ring‐opening polymerization (ROP) by using a novel dual initiator is reported. Triarm block copolymers comprising one polystyrene (or polyacrylamide) arm and two poly(β‐butyrolactone) arms were synthesized in one‐step by simultaneous RAFT polymerization of styrene (St) (or acrylamide, designated as AAm) and ROP of β‐butyrolactone (BL) in the presence of a novel trifunctional initiator, 1,2‐propanediol ethyl xanthogenate (RAFT‐ROP agent). This dual initiator was obtained through the reaction of 3‐chloro‐1,2‐propanediol with the potassium salt of ethyl xanthogenate. The principal parameters such as monomer concentration, initiator concentration, and polymerization time that affect the one‐step polymerization reaction were evaluated. The characterization of the products was achieved using Fourier‐transform infrared spectroscopy (FTIR), 1H‐nuclear magnetic resonance (1H‐NMR), 13C‐nuclear magnetic resonance (13C‐NMR), Gas chromatography–mass spectrometry (GC–MS), gel‐permeation chromatography (GPC), thermogravimetric analysis (TGA), and fractional precipitation (γ) techniques. © 2010 Wiley Periodicals, Inc. J Appl Polym Sci, 2010