The reaction of the alternating ethylene-carbon monoxide copolymer with Lawesson’s reagent resulted in the conversion of 75% of the carbonyl groups to thiophene units. A few thioketone groups were also present in the derived polymer. A polymer with furan units in the backbone was formed upon treatment of the alternating propylene-carbon monoxide copolymer with P2O5. Depending on the reaction conditions, up to 90% of the carbonyl groups were converted. Finally, 1,4-polyalcohols were prepared from the alternating propylene-carbon monoxide copolymer by reduction. Hydrogenation using Raney nickel as catalyst resulted in the reduction of 60% of the carbonyl groups, whereas reaction with LiAlH4 at room temperature caused the reduction of 85% of the carbonyl groups. The glass transition temperature was found to increase monotonically with increasing concentration of hydroxyl groups in the polymer backbone.