End‐functionalized hydrogenated polymers obtained from nitrile‐butadiene rubber (NBR) yield new materials with suitable properties for a number of applications as sealing material and adhesives. We investigated the one‐step synthesis of ester end‐functionalized hydrogenated nitrile‐butadiene rubber (EF‐HNBR) by combining the functional metathesis with the hydrogenation of NBR in the presence of the 2nd generation Grubbs catalyst and a functionalized olefin as a chain transfer agent (CTA). We established the operating conditions for the effective production of saturated functional polymers with a high degree of hydrogenation, high chemo‐selectivity and moderate molecular weight. The structures of the products were confirmed by FT‐IR and 1H‐NMR spectroscopy, rubber molecular weight, and distribution determined by using gel permeation chromatography (GPC); their thermal properties were determined by thermo‐gravimetric analysis (TGA) and different scanning calorimetry (DSC).