Amphiphilic, biocompatible poly(N‐vinylpyrrolidone)‐b‐poly(l‐lactide) (PVP‐b‐PLLA) block polymers were synthesized at 60 °C using a hydroxyl‐functionalized N,N‐diphenyldithiocarbamate reversible addition–fragmentation chain transfer (RAFT) agent, 2‐hydroxyethyl 2‐(N,N‐diphenylcarbamothioylthio)propanoate (HDPCP), as a dual initiator for RAFT polymerization and ring‐opening polymerization (ROP) in a one‐step procedure. 4‐Dimethylamino pyridine was used as the ROP catalyst for l‐lactide. The two polymerization reactions proceeded in a controlled manner, but their polymerization rates were affected by the other polymerization process. This one‐step procedure is believed to be the most convenient method for synthesizing PVP‐b‐PLLA block copolymers. HDPCP can also be used for the one‐step synthesis of poly(N‐vinylcarbazole)‐b‐PLLA block copolymers. © 2014 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2014, 52, 1607–1613