A new versatile synthesis strategy for macromonomers has been developed that uses the living ring-opening metathesis polymerization (ROMP) with commercial Grubbs first generation ruthenium initiators. Homopolymers as well as diblock copolymers were end-functionalized with norbornene derivatives to serve as macromonomers. The graft copolymerization of the macromonomers was also carried out employing ROMP. Well-defined and highly functional graft copolymers are accessible by this new synthetic route.