A catalyst system capable of producing a cyclic olefin polymer having a polar functional group and a high molecular weight with a high yield in which a catalyst is not deactivated due to polar functional groups of monomers, and a method of producing polymers using the same are provided. The catalyst system for polymerization of olefin according to the present invention has good thermal and chemical stability, and thus, in the method of preparing polyolefin using the catalyst system, the deactivation of a catalyst due to a polar functional group of the monomer can be prevented, and thus a high yield of the cyclic olefin polymer with a high molecular weight can be obtained when a ratio of the catalyst to the monomer is 1:5000, and the removal of a catalyst residue is not required.