Copolymers with oligoether units and luminophoric iridium(III) complexes in the side chains have been synthesized via metathesis polymerization. The copolymers containing different luminophoric iridium(III) complexes have exhibited strong green, blue-green, or red photoluminescence. The copolymers are soluble in water, forming micelles with average size 14‒20 nm. The copolymer with red photoluminescence has low cytotoxicity with respect to epidermoid human carcinoma cells (line A431).