Circularly polarized luminescent (CPL) materials have significant promising applications in organic light‐emitting diodes, asymmetric synthesis, and other fields. However, due to the instability of triplet‐state excitons, how to achieve an effective combination of CPL with room‐temperature phosphorescence (RTP) remains a formidable challenge. Here, a simple and feasible method for constructing polymer‐based CPRTP materials is proposed by preparing chiral phosphorescent liquid crystals through copolymerization. A series of RTP chiral liquid crystal copolymers are successfully synthesized by copolymerizing phosphorescent monomer bearing chiral cholesterol mesogen with phosphorescent monomer bearing dibenzofuran chromophore. Due to the introduction of chiral cholesterol mesogen, copolymers can form chiral smectic C‐phase liquid crystals. Utilizing their selective reflection characteristic, efficient CPRTP is achieved, with a glum value of up to −1.6 × 10−2. In addition, both components in copolymers exhibit RTP properties and show significant differences in phosphorescence color and lifetime. By changing the composition of copolymers, the regulation of their phosphorescence properties is successfully achieved. As a result, multicolor‐tunable and time‐dependent CPRTP materials are successfully prepared. [ABSTRACT FROM AUTHOR]