A series of titanium and vanadium complexes with oxazoline 2-(4,5-dihydro-1,3-oxazol-2-yl)phenol (L1), 2-(4-methyl-4,5-dihydro-1,3-oxazol-2-yl)phenol (L2), and oxazine 2-(5,6-dihydro-4H-1,3-oxazin-2-yl)phenol (L3) ligands were synthesized, and their structures were determined by NMR and MS methods as (L)2MtCl2. The vanadium complexes were found to be highly active in ethylene (7300 kgPE/(molV·h)) and ethylene/norbornene (5300 kgCop/(molV·h)) (co)polymerization. The polyethylene characteristics were melting temperature (123–142 °C), crystallinity degree (49–75%), molecular weight (5.7–8.5 × 105 g/mol), molecular weight distribution (1.5–2.4). The ethylene-norbornene (E-NB) copolymer characteristics were molecular weight (2.6–0.9 × 105 g/mol), molecular weight distribution (1.6–2.2), glass transition temperature (4–62 °C), norbornene incorporation (12.3–30.1 mol%) at initial concentration (0.5–1.5 mol/L). The microstructure of E-NB copolymers depends on the catalyst applied with the highest diads content for the (L3)2VCl2 and triads for the (L2)2VCl2 complexes.