A process for producing a living radical polymer characterized in that a vinyl monomer is polymerized with use of a living radical polymerization initiator represented by the formula (1) and a compound represented by the formula (2), and the living radical polymer obtained by the process ##STR00001## wherein R.sup.1 is C.sub.1-C.sub.8 alkyl, aryl, substituted aryl or an aromatic heterocyclic group, R.sup.2 and R.sup.3 are each a hydrogen atom or C.sub.1-C.sub.8 alkyl, and R.sup.4 is aryl, substituted aryl, an aromatic heterocyclic group, acyl, oxycarbonyl or cyano (R.sup.1Te).sub.2 (2) wherein R.sup.1 is the same as above.