Copolymer resin 8-HQ5-SASF-III was synthesized by condensation of 8-hydroxyquinoline 5-sulphonic acid and semicarbazide with formaldehyde in presence of 2M HCl acid as catalyst. Resin was characterized by elemental analysis, conductometric, viscosity measurements, UV-visible, IR and 1H-NMR analysis. Chelation cation exchange properties of this copolymer were studied for Fe+3, Cu+2, Pb+2, Cd+2 and Co+2 ions. A batch equilibrium method was employed for studying the selectivity of distribution of a given metal ions between polymer sample and a solution containing metal ion. Study was carried out over a wide pH range and in a media of various ionic strengths of different electrolytes. Polymer showed a higher selectivity for Fe+3 ion than for Cu+2, Pb+2, Cd+2 and Co+2 ions.