Catalytic copolymerization of diethyl dipropargylmalonate (DEDPM) and phenylacetylene (PA) by Mo(CO)6 and (toluene) Mo(CO)3/chloranil has resulted in the expected copolymer consiting of a polyene backbone with five-and/or six-membered rings and th e PPA structure. Both complexes exhibited not only varying degree of catalytic activity depending upon the relative mole ratio of two monomers but also characterize the types of coploymers. The former yields the polyene backbone containing only five-membered rings as well as PA while the latter produces the polymers consisting of both five-and six-membered ring structure. Comparative studies show that Mo(CO)6 exhibits reactivity toward DEDPM alone, thus catalyzing initially metathesis cyclopoly-merization of DEDPM followed by copolymerization with PA while the (toluene)Mo(CO)3/chloranil system shows affinity for both PA and DEDPM.