Novel block-graft copolymers [poly(styrene-b-ethylene-co-butylene-b-styrene)-g-poly(tert-butyl acrylate)] were synthesized by the atom transfer radical polymerization (ATRP) of tert-butyl acrylate (tBA) with chloromethylated poly(styrene-bethylene-co-butylene-b-styrene) (SEBS) as a macromolecular initiator. The copolymers were composed of triblock SEBS as the backbone and tBA as grafts attached to the polystyrene end blocks. The macromolecular initiator (chloromethylated SEBS) was prepared by successive hydrogenation and chloromethylation of SEBS. The degree of chloromethylation, ranging from 1.6 to 36.5 mol % according to the styrene units in SEBS, was attained with adjustments in the amount of SnCl, and the reaction time with a slight effect on the monodispersity of the starting material (SEBS). The ATRP mechanism of the copolymerization was supported by the kinetic data and the linear increase in the molecular weights of the products with conversion. The graft density was controlled with changes in the functionality of the chloromethylated SEBS. The average length of the graft chain, ranging from a few repeat units to about two hundred, was adjusted with changes in the reaction time and alterations in the initiator/catalyst/ligand molar ratio. Incomplete initiation was detected at a low conversion; moreover, for initiators with low functionality, sluggish initiation was overcome with suitable reaction conditions. The block-graft copolymers were hydrolyzed into amphiphilic ones containing poly(acrylic acid) grafts. The aggregation behavior of the amphiphilic copolymers was studied with dynamic light scattering and transmission electron microscopy, and the aggregates showed a variety of morphologies.