Polyolefin is one of the most important commodity polymers having excellent physical properties and cost competitiveness, which has continuously broadened their market in response to a heavy demand from industry. However, the lack of polarity in polyolefin has limited its applications, especially where interactions with other materials are important. In view of the above, the incorporation of polar functional groups in polyolefin has been widely attempted. Especially, the preparations of segmented modified polyolefin copolymers, such as block and graft copolymers have been extensively investigated, since the loss of the original properties of polyolefin can be minimized while the polar segments can endow interactions with other materials. Living radical polymerization (LRP) method can be one of the most attractive synthetic tools for the preparation of the modified polyolefin block or graft copolymers. In this review, progress on the preparation of the polyolefin based block or graft copolymers through LRP technique is briefly summarized.