A new polynorbornene derivative was synthesized by ring-opening metathesis polymerization (ROMP) of 5-{[(3,5-di-t-butyl-4-hydroxy-benzoyl)oxy]methyl}-2-norbornene (BHBN) using Ru- and Os-based catalysts. The structure and properties of the poly(BHBN) were characterized by NMR, IR, DTA, DSC, and GPC. It was shown that ROMP leads to the formation of high molecular weight polynorbornene derivatives containing the stabilizing group.