Photocontrolled ring-opening polymerization of lactones with the advantages of being inexpensive, green, and noninvasive, is still rarely reported. In this work, we developed a series of composite photoacid generators containing a common photocatalyst and an onium salt to induce the living/controlled cationic ring-opening polymerization of lactones using alcohol compound as an initiator under visible light. The wavelength of the light could be easily adjustable by applying different photocatalysts. Moreover, simultaneous living/controlled cationic ring-opening polymerization of lactones and reversible addition–fragmentation chain transfer radical (RAFT) polymerization of methyl acrylate can be performed using hydroxy group capped trithiocarbonate to produce hybrid block copolymers in one step.