We synthesized an alternating copolymer of N‐allylmaleimide (AMI) and isobutene (IB) [poly(AMI‐alt‐IB)] as a new class of thermosetting polymers by the free radical copolymerization process. The reactivity of the maleimide group of the AMI monomer was evaluated to be 103 times higher than that of the N‐allyl group based on the results for the ternary copolymerization system composed of N‐methylmaleimide (MMI), N‐allylphthalimide (AP), and IB. The maleimide moiety exclusively participated in the propagation during the copolymerization of AMI with IB, resulting in the formation of the soluble poly(AMI‐alt‐IB). The copolymer included an alternating repeating structure consisting of maleimide and IB units in the main chain and the unreacted allyl group in the side chain. The onset temperature of the decomposition for poly(AMI‐alt‐IB) was over 400 °C in a nitrogen stream. The transparent cast film of poly(AMI‐alt‐IB) was readily cured upon heating without any catalyst.