This work is devoted to preparation of hydrophobically modified chitosans and evaluation of their sorption properties. N,N,(N)-Di(tri)methylchitosan (MC1) was prepared by the reaction of chitosan with methyl iodide; N,O-palmitoyl-chitosan (MC2) and N,N,(N)-di(tri)methyl-N,O-palmitoyl-chitosan (MC3) were prepared by the reaction of chitosan and MC1 with palmitoyl chloride, respectively. These modified chitosans were characterized by organic elemental analysis, FTIR, NMR, and DSC. The degrees of substitution were calculated from the N/C ratio and from the areas of NMR signals. The in vitro sorption of cholate and cholesterol by chitosan derivatives was studied in comparison with the original chitosan and cholestyramine, an effective synthetic sorbent of bile acids. It was found that MC2 and MC3 are able to bind cholesterol and bile acids, respectively, and thus can be used as cholestyramine supplements to improve cholesterol metabolism.