Chemical modification of polyethylene glycols by antioxidants belonging to the class of sterically hindered phenols is used to obtain water-soluble conjugates differing in the structure of the joined antioxidant and molecular weight. The inclusion of hydrophobic end groups in polyethylene glycol molecules leads to a decrease in the lower critical mixing point of the solution as compared to the original polymer. Dilute solution viscometry and light scattering are used to determine the molecular-mass characteristics of the polymers and the hydrodynamic radii of single conjugate molecules. The mass fraction of single molecules in aqueous solutions of the conjugates is greater than 95%. The aggregates are micellar-type particles whose core is formed by the hydrophobic moieties of sterically hindered phenols. It is shown that the antiradical activity of the antioxidants 3-(3-tert-butyl-4-hydroxy-5-methylphenyl)-propionic acid and 3- (3,5-di-tert-butyl-4-hydroxyphenyl)-propionic acid, which are used for the modific