Anionic homo- and copolymerization of p-diethynylbenzene in the presence of n-BuLi in polar solvents was carried out. The use of hexamethylphosphortriamide (HMPA) makes it possible to synthesize a completely linear soluble polymer that does not have branching and phenylene fragments. A copolymer of p-diethynylbenzene with diphenyldiacetylene was synthesized. Homo- and copolymers of p-diethynylbenzene have high thermo- and thermo-oxidative stability. By the interaction of side reactive ethynylphenylene groups with various reagents, it is proposed to synthesize clusters along the conducting chain of poly-p-diethynylbenzene. Due to presenting C≡CH side groups, boron, copper, and cobalt derivatives were synthesized. It is shown that not all theoretically possible stereoisomers can be formed as a result of the polymerization. The application of p-diethynylbenzene polymers for the modification of industrial samples of epoxy novolac resin, oligoester acrylates, and carbon fibers has been demonstrated.