In this study, we synthesized polynorbornene (PNB) dicarboximides substituted by monochlorophenyl group (PMCPhNDI) and dichlorophenyl group (PDCPhNDI) via ring‐opening polymerization using a ruthenium catalyst and investigated their thermal, mechanical, and optical properties. We also discussed the performance and application of the functionalized PNB dicarboximide films as flexible substrates for organic light‐emitting devices (OLEDs). The polymer films exhibited good optical transparency with an average transmittance of around 97% in the visible light region and good thermal stability with a 5% degradation temperature of >440°C. The polymers were applied for flexible displays, which were coated on indium tin oxide (ITO) thin films using a radio‐frequency planar magnetron sputtering system with changing the deposition substrate temperatures. A flexible OLED that was fabricated on the ITO‐grown polymer substrates exhibited a performance as comparable to the corresponding ITO‐grown glass substrates. Copyright © 2012 John Wiley & Sons, Ltd.