Stereospecific polymerization of conjugated dienes, especially 1,3‐butadiene and isoprene, is summarized. Various transition metal catalysts are utilized for the stereospecific polymerization of conjugated dienes. For example, Ti, V, Co, Ni, and lanthanides for
cis
‐1,4‐polymerization of 1,3‐butadiene, V, Cr, Fe, and lanthanides for
trans
‐1,4‐polymerization of 1,3‐butadiene, and Cr, Co, and Fe for 1,2‐polymerization of 1,3‐butadiene. Lanthanide catalysts are very effective for stereospecific polymerization of isoprene. Stereospecific living polymerization of conjugated dienes is also achieved. A mechanism of the polymerization affording stereoregular polymers and stereospecific polymerization of other diene monomers is also mentioned.