The synthesis of poly(N‐vinylcarbazole)‐based block copolymers functionalized with rhenium diimine complexes or pendant terpyridine ligands is reported. The copolymers are synthesized by reversible addition–fragmentation chain transfer (RAFT) polymerization, and they exhibit interesting morphological properties as a result of the phase separation between different blocks. The rhenium complex polymer block may function as a photosensitizer, while the terpyridine‐containing polymer block can be used as the template for nanofabrication by selective deposition of zinc complexes.