Synthesis of a variety of optically transparent polyolefin elastomers consisting of hard segment of polynorbornene and several kinds of soft segments such as atactic polypropylene, poly(ethylene-co-propylene), and poly(ethylene-co-1-hexene) was achieved. The block copolymers exhibited excellent toughness and thermal property with efficient elastic recovery. Most importantly, the introduction of hydroxyl group into polynorbornene segment not only modulated surface property of block copolymers, but also improved their mechanical properties.