In order to investigate the effects of cholesteryl pendant groups on inducing liquid crystalline (LC) phase formation, a new series of cholesteryl-modified poly(monomethyl itaconate) (PMMI-Chol-C6) have been synthesized from poly(monomethyl itaconate) (PMMI) and 6-(cholesteryloxycarbonyloxy) hexanol (Chol-C6) with different degrees of substitution (DSchol). All the obtained compounds were characterized by conventional spectroscopic methods. The DSchol values of the modified PMMI were obtained by 1H NMR spectroscopy and conductometric titration. The inherent viscosities of polymers were determined by an Ubbelohde viscometer at 35 °C in DMSO solution. The resulting products of modified PMMA polymers were soluble in a variety of organic solvents, and the solubility improved by increasing the DSchol. Thermal behavior and optical properties of Chol-C6 and PMMI-Chol-C6 polymers were investigated by thermal gravimetric analysis, differential scanning calorimetry and hot-stage polarizing optical microscopy. The glass transitions of the modified PMMI polymers occurred at lower temperatures than the parent PMMI. It was found that among the synthesized polymers with different molar ratios of the substitution, only the PMMI-Chol-C6 (1) polymer bearing 77 mol% of the side chains, with reduced melting point and increased thermal stability, formed thermotropic liquid crystalline smectic phases. This polymer exhibited wider mesophase than the mesogenic side chain Chol-C6 and amorphous morphology. The results of a comparative study on the structure and properties of the polymers showed that liquid crystalline polymers may be achieved through the attachment of mesogenic cholesterol side chain onto the main chain via methylene chains of side branches.