Summary: The synthesis and living ring opening metathesis polymerization (ROMP) of diacetate functionalized cyclobutene derivatives cis‐3,4‐bis(acetyloxymethyl)cyclobutene (2) and trans‐3,4‐bis(acetyloxymethyl)cyclobutene (3) were investigated with the functional group tolerant initiators (PCy3)2(Cl)2RuCHPh (I) and (SIMes)(PCy3)(Cl)2RuCHPh (II) (SIMes: 1,3‐dimesityl‐4,5‐dihydroimidazol‐2‐ylidene). The kinetic parameters of the ROMP initiated by the ruthenium alkylidene complexes I and II were determined and correlated to monomer stereochemistry. The cis isomer 2 was found to be more reactive than the trans isomer 3 and to generate functional polymers of narrow molecular weight distribution especially with the classical “first generation Grubbs catalyst” I. Block copolymers containing 2 and cyclooctadiene (COD) or norbornene (NBE) were synthesized. Block copolymer poly(2‐b‐COD) was hydrolyzed and converted to a material with a block bearing hydrophilic alcohol functional groups and hydrophobic block.SEC elution profiles: poly(2) prepolymer and block copolymer poly(2‐b‐COD).magnified imageSEC elution profiles: poly(2) prepolymer and block copolymer poly(2‐b‐COD).