Aliphatic polyketones are a new family of polymers obtained by the palladium(II)‐catalyzed, perfectly alternating copolymerization of CO and olefins. Various aspects of polyketone catalysis, the polymerization process, the types and properties of polyketones, and their applications are reviewed, with special emphasis on commercial grades of CO/ethene/propene‐based terpolymer, a new semicrystalline engineering thermoplastic.