Terpolymerization of norbornene (NB), isoprene (IP), and 1‐octene was achieved by using fluorenylamido‐ligated titanium catalyst, which showed very high activity for the copolymerization of NB and various α‐olefins. The content of IP in the terpolymer was controlled by the feed ratio and reaction temperature up to 7 mol %. The incorporated IP was mainly inserted in 1,4‐addition. The polymer was dissolved into common solvents such as toluene and chloroform, which enabled the preparation of a transparent film by solution casting process. The degradation temperature of the terpolymer was comparable with other cyclic olefin copolymers and the glass transition temperature (Tg) was higher than that of NB‐1‐octene copolymer with almost the same NB content. © 2017 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2017, 55, 2136–2140