An ultra-high molecular weight polyethylene powder easily soluble in organic solvents and suitable for use in the preparation of fibers or films having a high strength and a high elastic modulus, said polyethylene powder having an intrinsic viscosity in the range of 5 to 30 dl/g in decalin at 135.degree. C. and being obtained by at least two-step polymerization reactions which are:a first step of polymerizing ethylene in the absence of hydrogen or at a reduced hydrogen concentration, using a catalyst containing a solid catalyst component and an organometallic compound, said solid catalyst component containing at least magnesium and titanium and/or vanadium, to produce 50-99.5 parts by weight, based on 100 parts by weight of a final polyethylene product, of polyethylene having an intrinsic viscosity of 12 to 32 dl/g in decalin at 135.degree. C.; anda second step of polymerizing ethylene at a higher hydrogen concentration that in said first step to produce 50-0.5 parts by weight of polyethylene.