A catalyst for production of 1,4-polybutadiene which comprisesas the catalyst component (A) a transition metal compound represented by the formula M(R).sub.l (OR').sub.m X.sub.n-(l+m), wherein M denotes a transition metal atom, R and R' each denote a hydrocarbon group of 1-20 carbon atoms, X denotes a halogen atom, and l, m and n denote numerals satisfying the equations l.gtoreq.0, m.gtoreq.0 and n-(l+m).gtoreq.0, n corresponding to the valence of the transition metal,as the catalyst component (B) an organoaluminum compound represented by the formula AlR.sup.1.sub.a X'.sub.3-a, wherein R.sup.1 denotes a hydrocarbon group of 1-20 carbon atoms, X denotes a halogen atom, and a denotes a numeral satisfying the equation 1.gtoreq.a.gtoreq.3, or an aluminoxane obtained by the reaction of said organoaluminum compound with water, andas the catalyst component (C) an organic compound having at least two hydroxyl groups.