The Mitsunobu reaction can be efficiently used for the transformation of poly(ethylene glycol) (PEG) terminal OH group(s) into a variety of functions. In comparison to more classical approaches of PEG functionalization, the main advantage of the Mitsunobu reaction attains to the fact that in one step, with no detrimental effect on PEG integrity (e.g., chain cleavage). Here, its quantitative conversion is demonstrated into derivatives that, either directly or after deprotection, are amenable to (bio)conjugation reactions: azides (Huisgen cycloaddition), aldehydes, primary amines (Schiff base formation and reduction), thiols, and N-oxymaleimide (Michael-type addition). Therefore this reaction is proposed as a general tool for the preparation of functionalities for the purpose of PEGylation, and more generally for (bio)conjugation purposes.