In this work, a new highly water-soluble copolymer of polyacrylic acid with polyaniline is introduced. Acrylic acid was polymerized via the Reversible Addition Fragmentation Chain Transfer method (RAFT) in the presence of an initiator and the obtained polyacrylic acid was copolymerized with aniline at room temperature. As the main achievements of this work, the resulting block copolymer with nanosized structure revealed favorable solubility in polar solvents, as well as excellent antibacterial and anticancer activities. Therefore, it is an appropriate candidate for medical applications such as wound healing and cancer therapy, especially in HT29 treatment.