Chain walking polymerization (CWP) with Pd-diimine catalysis represents a novel concept for the synthesis of hyperbranched polyethylenes (HBPEs) and functionalized polymers from ethylene stocks. This article summarizes recent developments in this research area. The properties of HBPEs have recently been studied and their application as lubricant viscosity additives, polymer processing aids, and polymers for the functionalization and solubilization of carbon nanotubes in organic solvents have been explored, with some outstanding features having been discovered. Using the CWP strategy, we have also synthesized a range of functionalized HBPEs covalently tethered with a variety of functional groups, including POSS nanoparticles, ATRP‐initiating sites, methacryloyl and acryloyl double bonds, and backbone‐incorporated functionalized ring units.