A novel catalyst system based on nickel(II) tetraphenylporphyrin (Ni(II)TPP) and methylaluminoxane for styrene polymerization was developed. This catalyst system has a high thermal stability and show fairly good activity. The obtained polystyrene (PS) was isotactic‐rich atactic polymer by 13C NMR analysis, and its molecular weight distribution was rather narrow (Mw/Mn ≈ 1.6, by GPC analysis). ESR revealed that Ni(II)TPP π cation radicals were formed in the polymerization and could remain in the resulting PS stably. The mechanism of the polymerization was discussed and a special coordination mechanism was proposed. The PS product containing Ni(II)TPP π cation radicals can be used as a potential functional material. © 2008 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 46: 1240–1248, 2008