A number of resins have been synthesized by reacting p-hydroxybenzoic acid with diamines and formaldehyde in presence of 2M HCl as catalyst, proved to be selective chelating ion-exchange resins for certain metals. The present paper reports the synthesis, characterization and ion exchange properties of a terpolymer. Chelation ion exchange properties have also been studied for Fe3+, Cu2+, Ni 2+, Co2+, Zn2+, Cd2+, Pb2+ ions employing a batch equilibrium method. It was employed to study the selectivity of metal ion uptake involving the measurements of distribution of a given metal ion between the polymer sample and a solution containing the metal ion. The study was carried out over wide pH range and in a media of various ionic strengths. The terpolymer showed higher selectivity for Fe3+, Cu2+ and Ni 2+ions than for Co2+, Zn2+, Cd2+, and Pb2+ ions. The resin pHPDF was synthesized by the condensation of p-hydroxybenzoic acid and phenylenediamine with formaldehyde in the presence of a hydrochloric acid catalyst. Terpolymer was characterized by elemental analysis, infrared (IR) spectroscopy, nuclear magnetic resonance (NMR) spectroscopy and UV- Visible spectral studies. The number average molecular weight of the resin was determined by non-aqueous conductometric titration.