Hydroxyl terminated liquid natural rubber (HTLNR) was prepared by the depolymerization of deproteinized natural rubber (DPNR) in mixture of toluene and water at 60 o C for 24 hours in the presence of ammonium persulfate as an initiator and tetrahydrofuran (THF) as a homogenizing agent. GPC analysis revealed that the number-average molecular weight (M n ) and weight-average molecular weight (M w ) of HTLNR were found to be 4.334×10 3 g/mol and 11.702×10 3 g/mol, respectively, with polydispersity index (PDI) of 2.7. The chemical structure of HTLNR was determined by FTIR and 1 H-NMR and 13 C-NMR spectroscopic analysis. Based on the analytical data the mechanism of depolymerization and hydroxylation of NR to form HTNR was also suggested.Keywords: deproteinized natural rubber (DPNR), hydroxyl terminated liquid natural rubber (HTLNR), depolymerization of natural rubber, oxidative degradation.