The synthesis of five new cholesteryl-based monomers (M-1−M-5) and the corresponding smectic comb-like polymers containing cholesteryl groups (P-1−P-5) is presented. The chemical structures were characterised by FT-IR, 1H NMR and elemental analyses. The specific optical rotations were evaluated with a polarimeter. The phase behaviour was investigated by polarising optical microscopy, differential scanning calorimetry, thermogravimetric analysis, and X-ray diffraction. The specific optical rotation values of these monomers and polymers with the same number of phenyl rings and terminal groups were nearly equal; however, they decreased with increasing the aryl numbers in the mesogenic core. The monomers M-1−M-5 showed oily streak and focal conic optical textures, or finger print textures characteristic of the chiral nematic phase. The polymers P-1−P-5 showed the smectic A phase. The melting, clearing, and glass transition temperatures increased, and the mesophase temperature ranges widened with increasing the aryl number in the mesogenic core. However, although the molecular structures of M-4 and M-5 were similar to those of M-3, namely their mesogenic cores contained three phenyl rings, their phase behaviour differed considerably, and T m and T i of M-4 and M-5 were less than those of M-3. In addition, M-4 and M-5 showed a clear glass transition similar to the polymer. Furthermore, the ester linkage bond and aryl arrangement in the mesogenic core also affected the phase behaviour.