Multicomponent complexes of the phenolic copolymer with specific coordinating groups with polyethylene imine (PEI), polyvinyl pyrrolidone (PVP), Cu2+ and Ni2+ ions has been studied in dimethyl formamide - methanol solvent mixture by several experimental techniques e.g. by viscometry, potentiometry, conductometry, IR and UV spectrophotometry and selective complexation, and mutual compatibility of the complementary polymers attached to the phenolic copolymer chain have been studied.