Polyacetylene (PA) is a Nobel Prize-winning macromolecule. In this work, PA is molecularly functionalized, which endows it with an array of new functional properties. The molecular functionalization is realized by attachment of functional pendants to the polyene backbone. Our efforts in the catalyst exploration and reaction optimization have led to the syntheses of a large number of PA derivatives carrying functional groups. Polymer reactions are exploited as an alternative route to the functional PAs that are difficult or impossible to access by direct polymerizations of their monomers. The new PAs with appropriate backbone-pendant combinations show various functional properties such as liquid crystallinity, photoconductivity, light emission, ionic susceptibility, photoresistance, chromism, helical chirality, optical nonlinearity, self-assembly, cytocompatibility, and bioactivity. The properties of the PAs are tuned internally and manipulated externally: the former is achieved by changing their molecular structures, especially their functional pendants, while the latter is accomplished by applying thermal, mechanical, electrical, photonic, and chemical stimuli.