Phenyleneethynylene macrocycle‐substituted acetylenes were synthesized by repetition of the Sonogashira coupling reaction, and the elimination reaction of the terminal acetylene protecting group. The monomers were polymerized with a rhodium catalyst, [Rh(nbd)Cl]2, at the terminal acetylene unit, and the polymerization mixtures were purified by precipitating into methanol to yield the corresponding poly(phenylacetylene) derivatives as yellow‐red powders, which had a high degree of polymerization ($\overline {DP}$ ≈ 500) in spite of their steric bulkiness. The trimethylsilyl and pentamethyldisiloxanyl groups of polymers improved their solubility, and the polymers were soluble in common organic solvents, such as toluene, chloroform and tetrahydrofuran.magnified image