Novel norbornene derivatives bearing a 3,5-di-tert-butyl-4-hydroxyphenoxy (DBHO) group were synthesized and used as sterically hindered phenol functionalized norbornene monomers (1–4). The ring-opening metathesis polymerization (ROMP) of these functional monomers was carried out with a typical ruthenium catalyst (bis(tricyclohexylphosphine)benzylidene ruthenium (IV) dichloride, a Grubbs first-generation catalyst) to prepare sterically-hindered phenol-functionalized polymers possessing radical scavenging function. The resulting polymers bearing a DBHO side-chain were characterized by means of gel-permeation chromatography, 1H-NMR and 13C-NMR. The radical scavenging ability of polymers was determined using the α,α-diphenyl-β-picrylhydrazyl (DPPH⋅) free radical. Due to the electron-donating effect of the oxygen atom located in the para-position of phenol, the resulting polymers showed high efficiency to scavenge DPPH⋅free radical. The molecular weight of polymers was dependent on the molar ratio of monomer to catalyst ([M]/[C]), and the ROMP activity was dependent on the stereostructure of monomers themselves.