The homo‐ and copolymerizations of 1,3‐butadiene and isoprene are examined by using neodymium isopropoxide [Nd(Oi‐Pr)3] as a catalyst, in combination with a methylaluminoxane (MAO) cocatalyst. In the homopolymerization of 1,3‐butadiene, the binary Nd(Oi‐Pr)3/MAO catalyst works quite effectively, to afford polymers with high molecular weight (M‾n ≈ 105 g mol‐1), narrow molecular‐weight distribution (MWD) (M‾w/M‾n = 1.4–1.6), and cis‐1,4‐rich structure (87–96%). Ternary catalysts that further contain chlorine sources enhance both catalytic activity and cis‐1,4 selectivity. In the copolymerization of 1,3‐butadiene and isoprene, the copolymers feature high M‾n, unimodal gel‐permeation chromatography (GPC) profiles, and narrow MWD. Most importantly, the ternary Nd(Oi‐Pr)3/MAO/t‐BuCl catalyst affords a copolymer with high cis‐1,4 content in both monomer units (>95%).