To investigate the effect of cholesteryl pendant groups on the phase behaviors of related copolymers, a new cholesteryl-containing liquid crystalline monomer was synthesized and copolymerized with an achiral comonomer in various molar ratios. The phase diagram and optical properties of the synthesized copolymers containing the cholesteryl pendant group were studied and compared with those of the monomer mixtures. The layer-like arrangement of the smectic mesophase with different monomeric compositions of copolymers was investigated using an X-ray diffraction analyzer. The dependence of the reciprocal central reflection wavelength on the mole fraction of the chiral monomer for monomer mixtures and copolymers was investigated.