A stereoselectivity switchable polymerization of isoprene has been developed, which is catalyzed by iminoimidazole‐Co(II) and ‐Fe(II) complexes. The influence of substituents ranging from electron donating to the electron withdrawing on the iminoimidazole‐Co(II) and ‐Fe(II) catalysts is investigated for isoprene polymerization. Two sets of iminoimidazole‐Co(II) and ‐Fe(II) complexes have been prepared and fully characterized. X‐ray crystallography analysis reveals that the complexes Co1 and Fe1 adopt distorted tetrahedral geometries. In the presence of AlEt2Cl as co‐catalyst, all the Co(II) complexes are active and the catalytic activity is highly dependent on the molar ratio of Al/Co. All the Co(II) complexes exhibit higher activities at low Al/Co ratio. Compared with the Co(II) complexes, the Fe(II) complexes are essentially inactive under the identical condition. However, on activation with combination of AlEtCl2 and [Ph3C][B(C6F5)4], both Co(II) and Fe(II) complexes display high activities with good conversions of isoprene (up to >99%). Additionally, low molecular weight and high trans‐1,4‐unit (>96%) selectivity are characteristics of the resultant polyisoprene. © 2019 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2019, 57, 767–775