A simple way to incorporate the solvent–peptide interaction in any available theory of the helix–coil transition is developed. The competition between the intramolecular hydrogen bonding and the solvent–polymer hydrogen bonding is considered in multi‐component solvents where some of the components have hydrogen‐bonding capacity. Molecular averages are computed by using the theory of Lifson and Roig. The experimental data of Yang are analyzed, and the range of acceptable values of the equilibrium constants of hydrogen bond formation is deduced. The enthalpy of the transition in multicomponent solvents is calculated.