Abstract: A process for preparing a chloroprene-based liquid polymer having active terminal groups substantially at the terminals thereof comprising polymerizing chloroprene alone or in combination with one or more monomers copolymerizable with chloroprene in (1) an organic solvent having a boiling point of about 160.degree. C or less at atmospheric pressure and selected from the group consisting of aromatic hydrocarbons, aliphatic halogenated hydrocarbons and cyclic ethers, or (2) in carbon disulfide, which is present in an amount of about 20 to 200 parts by weight per 100 parts by weight of the total monomer, in the presence of a xanthogen disulfide compound represented by the formula: ##STR1## wherein R can contain from 1 to 12 carbon atoms and is an alkyl group, an aryl group, an aralkyl group or a cycloaliphatic group, which is present in an amount substantially equal to a ratio of about 2.5 to 20 parts by weight of diethyl xanthogen disulfide per 100 parts by weight of the total monomer.