A range of new functional copolymers bearing aldehyde and carboxylic acid groups have been prepared by functionalization of poly(4-methylstyrene). These polymers have molecular weights from 2,000 to 16,500 and contain up to 20% aldehyde and up to 90% carboxylic acid groups. The reaction proceeds by selective catalytic oxidations with molecular oxygen or air in acetic acid/organic cosolvent mixtures in presence of cobalt acetate and sodium bromide or hydrogen bromide. The effects of reaction temperature, catalyst, co-solvents and oxygen partial pressure on the reaction are described.