The tridentate PNP ligand-supported rare-earth metal complexes, i.e., bis[o-diphenylphosphinophenyl]amido-Re-bis[o-dimethylaminobenzyl], [(Ph2P-o-C6H4)2N]Re[(CH2-o-Me2N(C6H4))2]: (Re = Y, 1; Nd, 2; Gd, 3) were applied to isoprene polymerization. When activated with borate activator ([PhMe2NH][B(C6F5)4] (NH-BARF), catalysts 1 and 3 exhibited excellent catalytic efficiency in aromatic media, produced very-high to ultrahigh molecular weight (Mw over 130 × 104 g/moL) polyisoprene rubber (PIR), and the obtained PIR contained over 98% cis-1,4 head-to-tail repeating unites. In most cases, the borate-activated polymerization reaction proceeded in a quasi-living pattern (PDI = 1.2–1.5) under controlled monomer conversion; whereas, activated with the commercially available modified methylaluminoxane (MMAO3A) in aliphatic hydrocarbon media, complexes 1, 2 and 3 all showed high catalytic efficiency, produced high molecular weight PIR with narrow molecular weight distribution (PDI ≤ 2.0) and high cis-1,4 head-to tail repeating unites in the range of 91–95%. Thus, the catalyst systems that consisted of 1, 2 and 3/MMAO3A, are closely relevant to the current industrial polybutadiene rubber (PBR) and PIR production processes.