In designing comb-shaped anion exchange membranes (AEMs), replacing alkyl side chains with ethylene glycol (EG)-based ones significantly enhances membrane properties and boosts AEM fuel cell performance. Although much research has focused on optimizing the placement of EG segments within the polymer matrix, the effect of EG chain length remains less explored. In this work, a series of poly(terphenyl piperidinium) AEMs with N-oligo(ethylene glycol) (OEG) terminal pendants having two to five EG repeating units were prepared by simple post-polymerization quaternization. The membrane properties showed a strong correlation with the length of the OEG side chains, influenced by both chemical composition and phase behavior. Among the OEG-grafted AEMs, PTP-OEG3 with moderate three EG repeating units, exhibited the best properties due to a careful balance between EG and cationic groups, leading to a favorable microphased separation. It achieved high hydroxide conductivity (114 mS cm−1 at 80 °C in water), robust mechanical strength (tensile strength >52 MPa), and good ex situ alkaline stability. As a result, the AEM fuel cells with the property-balanced PTP-OEG3 membrane achieved the highest peak power density of 976 mW cm−2. The in situ stability of these AEMs was also investigated. Evidently, understanding the optimal EG side chain length is an important criterion for designing AEM materials for alkaline fuel cells.