A process for producing a polybutadiene rubber having a cis-1,4 content of 94% or more, a ratio of weight average molecular weight to number average molecular weight of 2.5 to 3.5 as measured by a gel permeation chromatography and a Mooney viscosity (ML.sub.1+4, 100.degree. C.) of 20 to 100, which process comprises polymerizing 1,3-butadiene in an inert organic solvent with a catalyst comprising as the main components (a) a nickel compound; (b) a specific fluorine compound; (c) a trialkylaluminum; and (d) a halogenated aldehyde and/or a quinone compound. The use of the specific catalyst enables the production in a high yield of a polybutadiene rubber which maintains the abrasion resistance, high impact resilience and low heat buildup which are the characteristics of polybutadiene rubber and has a small die swell when extruded in the form of a blend with a natural rubber and is excellent in physical properties of vulcanizate.