On the basis of a combined experimental and computational study, a novel method for preparing fully conjugated polyenynes via cascade metathesis and metallotropy (M&M) polymerization of various multialkynes is developed. DFT calculations elucidate the detailed mechanism of the metallotropic 1,3-shift, which is a key process of M&M polymerization. An α,β-(C,C,C)-agostic interaction stabilizing the metallacyclobutadiene transition state is found to be critically important for the successful polymerization with excellent specificity. The polymerization efficiency displayed by the tetrayne monomer is controlled by the steric demands of its substituents, and more complex hexayne monomers can be successfully polymerized to give access to highly conjugated polyenynes via a series of intramolecular metathesis and metallotropic shift cascade reactions. Furthermore, living polymerization led to the synthesis of block copolymers consisting of fully conjugated polyenyne backbones. The implementation of pentayne monomers provides polyenynes with successive C-C triple bonds via consecutive metallotropic 1,3-shift. In short, the design of multialkynes enables the preparation of diverse conjugated polyenyne motifs via selective M&M cascade reactions.