Carboxyl‐terminated polynorbornenes (CTPNB) have been prepared via ring‐opening metathesis polymerization (ROMP) catalyzed by Grubbs II catalyst (G2) in the presence of maleic acid (MA) as a chain transfer agent (CTA). The influences of reaction conditions on the molecular weight of products, including molar ratios of C=C/G2, C=C/CTA and amount of solvent were investigated. The results indicated that the molecular weight of CTPNBs could be controlled by varying the molar ratio of C=C/G2 or C=C/CTA. In addition, norbornene (NB) was copolymerized with cyclooctene (COE) in order to obtain carboxyl‐terminated copolymers via chain‐transfer ROMP. The unsaturated carboxyl‐terminated (co)polymers were further hydrogenated by using p‐toluenesulfonyl hydrazide/tri‐n‐propylamine reagents. The structures of polymers were characterized by FT‐IR, NMR and MALDI‐TOF mass spectroscopy, and their thermal properties were determined by DSC and TGA.