Glycidyl nitrate and 3-nitratomethyl-3-methyloxetane were synthesized by the nucleophilic substitution reaction using tetrabutylammonium nitrate as a solid-liquid phase-transfer catalyst, then poly(glycidyl nitrate) (PGN), poly(3-nitratomethyl-3-methyloxetane) (PNIMMO) and poly(glycidyl nitrate-r-3-nitratomethyl-3-methyloxetane) (P(GN/NIMMO)) were synthesized via cationic polymerization. The synthesized monomers and polymers were characterized by fourier transform infrared and H-1 nuclear magnetic resonance. Thermal properties of polymers were characterized by differential scanning calorimeter and thermal gravimetric analyzer. The rheological properties of polymers were measured by rotational rheometer. The results indicated that PGN, PNIMMO and P(GN/NIMMO) had low Tg (-35.6 degrees C, -30.2 degrees C and -37.9 degrees C) and good thermal stability (exothermic peaks above 200 degrees C), the energy level of PGN (1461J/g) was the highest comparing with the other two, and the zero-shear viscosity of PGN and P(GN/NIMMO) was lower than that of PNIMMO.