The terpolymer resin 2, 4-HABF has been synthesized by the condensation of 2, 4-dihydroxyacetophenone (2, 4-HA) and biuret (B) with formaldehyde (F) in 1:1:2 molar ratios in presence of 2 M hydrochloric acid as catalyst. UV-Visible, IR and proton NMR spectral studies have been carried out to elucidate the structure of the resin. A terpolymer (2, 4-HABF) proved to be a selective chelating ion exchange polymer for certain metals. Chelating ion-exchange properties of this polymer were studied for Fe3+, Cu2+, Ni2+, Co2+, Zn2+, Cd2+ and Pb2+ ions. A batch equilibrium method was employed in the study of the selectivity of metal ion uptake involving the measurement of the distribution of a given metal ion between the polymer sample and a solution containing the metal ion. The study was carried out over a wide pH range and in media of various ionic strengths. The polymer showed highest selectivity for Fe3+, Cu2+ ions than for Ni2+, Co2+, Zn2+, Cd2+, and Pb2+ ions. Study of distribution ratio as a formation of pH indicates that the amount of metal ion taken by resin is increases with the increasing pH of the medium.