A process for producing a living radical polymer characterized in that a vinyl monomer is polymerized with use of an organotellurium compound represented by the formula (1), an azo type polymerization initiator and a ditelluride compound represented by the formula (2), and the living radical polymer obtainable by the process wherein R1 is C1-C8 alkyl, aryl, substituted aryl or an aromatic heterocyclic group, R2 and R3 are each a hydrogen atom or C1-C8 alkyl, and R4 is aryl, substituted aryl, an aromatic heterocyclic group, acyl, oxycarbonyl or cyano. (R1Te)2   (2) wherein R1 is the same as above.