In contrast to chemical routes, enzymatic polymerization possesses favorable characteristics of mild reaction conditions, few by-products, and high activity toward cyclic lactones which make it a promising technique for constructing polymeric materials. Meanwhile, it can avoid the trace residue of metallic catalysts and potential toxicity, and thus exhibits great potential in the biomedical fields. More importantly, lipase-catalyzed polymer synthesis usually shows favorable enantio-, regio-, and chemoselectivity. Here, the history and recent developments in lipase-catalyzed selective polymerization for constructing polymers with unique structures and properties are highlighted. In particular, the synthesis of polymeric materials which are difficult to prepare in a chemical route and the construction of polymers through the combination of selective enzymatic and chemical methods are focused. In addition, the future direction is proposed especially based on the rapid developments in computational chemistry and protein engineering techniques.