The recent chemistry of coordination polymerization of conjugated dienes is examined. The structure of the catalyst is considered from the viewpoint that the propagating chain is a TT-allylic complex of the transition metal, formed by reaction of monomer with an intermediate alkyl or aryl complex from a metal salt and an organometallic compound, a preformed organic complex of the metal, or in the case of Group VIII metals, particularly the second series, formed by direct reaction of the monomer with the metal salt. The effects of ligands on catalyst activity and the relationship between catalyst structure and monomer coordination are discussed. Attempts to determine the nature of the propagating chain from termination reactions with labeled alcohols and similar reagents are reviewed. Only limited information has been gained on propagation, transfer, and termination reactions from kinetic studies and the factors influencing molecular weight control warrant further detailed investigation.