New amphiphilic graft copolymers that have a poly(ε‐caprolactone) (PCL) biodegradable hydrophobic backbone and poly(4‐vinylpyridine) (P4VP) or poly(2‐(N,N‐dimethylamino)ethyl methacrylate) (PDMAEMA) hydrophilic side chains have been prepared by anionic polymerization of the corresponding 4VP and DMAEMA monomers using a PCL‐based macropolycarbanion as initiator. The water solubility of these amphiphilic copolymers is improved by quaternization, which leads to fully water‐soluble cationic copolymers that give micellar aggregates in deionized water with diameters ranging from 65 to 125 nm. In addition, to improve the hydrophilicity of PCL‐g‐P4VP, grafting of poly(ethylene glycol) (PEG) segments has been carried out to give a water‐soluble double grafted PCL‐g‐(P4VP;PEG) terpolymer.