Polyallenes, as a typical type of reactive polymers, are of great significance and have aroused widespread interest because they contain double bonds that can be post‐modified into other functionalities to afford varieties of functional materials. This Minireview firstly highlights the recent advances in the preparation of polyallenes, including preparation of helical polyallenes through directly polymerization of chiral allene monomers or helix‐sense‐selective polymerization (HSSP) of achiral allene monomers, synthesis of 1,2‐regulated polyallenes and 2,3‐regulated polyallenes via selective polymerization of allene monomers, polymerization of allene monomers catalyzed by Ni(II)‐terminated poly(3‐hexylthiophene) (P3HT), and so on. Then, latest progress on the self‐assembly and stimuli‐responses of polyallene‐based diblock, ABA and ABC triblock copolymers is summarized. We hope this Minireview will inspire more interest in developing polyallenes and encourage further advances in functional materials.