Bis(2,2′:6′,2″‐terpyrid‐4′‐yl) diethylene glycol was synthesized as a monomer unit and further utilized for polymerization with FeCl2 in order to form water‐soluble coordination polymers. Viscosity measurements and film‐forming properties indicate the formation of linear coordination polymers or larger ring structures. The terpyridine/iron(II) complexes are stable up to temperatures of 210 °C, but can be uncomplexed by the addition of an excess of a strong competitive ligand (HEDTA) under mild conditions.