In this work, a one‐pot approach for the covalent functionalization of few‐layer black phosphorus (BP) by anionic ring opening polymerization of glycidol to obtain multifunctional BP‐polyglycerol (BP‐PG) with high amphiphilicity for near‐infrared‐responsive drug delivery and biocompatibility is reported. Straightforward synthesis in combination with exceptional biological and physicochemical properties designates functionalized BP‐PG as a promising candidate for a broad range of biomedical applications