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.