Terpene alcohols (menthol, retinol, cholesterol, and betulin) together with the phosphazene base t-BuP4 were used as initiating systems for anionic ring-opening polymerization of ethylene oxide. The polymerizations were conducted in a controlled manner with the initial molar ratio of t-BuP4 to hydroxyl groups of 0.01–0.2, yielding a series of biohybrid polymers comprising terpene entities and poly(ethylene oxide) (PEO) chains with low polydispersities and tunable compositions (57–87 wt% of PEO). Samples were characterized by NMR and UV/visible spectroscopy, MALDI-TOF mass spectrometry, and size exclusion chromatography; thermal properties were studied by differential scanning calorimetry. The concept of this study opens a new toolbox of terpene-based biohybrid polymers with variable properties and functions.