Low-power light upconversion is a highly desirable feature for a broad range of applications and new materials enabling this process are sought in both bulk and particulate form. Here, the preparation of upconverting nanoparticles is reported from a methacrylic terpolymer bearing diphenylanthracene and meso-phenoxytris(heptyl)porphyrin pendant groups by a microemulsion technique. The use of a terpolymer in which the upconvering dye molecules are covalently attached mitigates some of the drawbacks of triplet-triplet annihilation upconverting nanoparticles made by other techniques, in particular dye leakage from the nanoparticles, and limited control of the sensitizer and emitter concentration within each nanoparticle. Size and morphology of the new upconverting nanoparticles are investigated by dynamic light scattering and transmission electron microscopy and elucidated their upconverting properties by luminescence spectroscopy.