The bifunctional role of hydrazine as a potent nucleophile and antioxidant was investigated for the rapid aminolysis of RAFT polymers within minutes in air with effective suppression of the formation of disulfides. Using both dithioesters and trithiocarbonates as model compounds, we showed that hydrazine exhibited a significantly improved aminolysis rate when compared with a commonly used primary alkyl amine. On the basis of the exellent results with CTAs, we further studied the aminolysis of RAFT polymers prepared with either dithioesters or trithiocarbonates. In accord with the aminolysis results on CTAs, hydrazine aminolyzed RAFT polymers in an impressively short time and, more importantly, it significantly suppressed the formation of disulfides as comfirmed with GPC.