Cross-linked polystyrene (PS) with polytetrahydrofuran (PTHF) chains were prepared for use in solid phase organic synthesis (SPOS). The resins were prepared from styrene, styrene–PTHF macromonomers and cross-linkers 1,4-bis[4-vinylphenoxy]butane or divinylbenzene by suspension polymerization. The styrene–PTHF macromonomers were prepared by cationic polymerization of 4-vinylbenzyl bromide and 4-(4-vinylphenoxy)butyl iodide activated by silver hexafluoroantimonate and 4-(5-hydroxypentyl)styrene activated by triflic anhydride. Alternatively, polytetrahydrofuran–grafted polystyrene (PS–PTHF) resins could also be directly prepared from 5-hydroxypentyl Janda Jel by cationic polymerization using triflic anhydride as the initiator. These PS–PTHF resins exhibited good swelling characteristics across a wide spectrum of polar and non-polar solvents. These resins were used in the synthesis of 3-methyl-1-phenyl-2-pyrazolin-5-one, which requires β-ketoester formation at low temperature (−78 °C), resulting in good yield and product purity; whereas the same synthesis carried out on PEG–grafted PS (PS–PEG) resin resulted in incomplete synthesis.