This contribution reports on the development and applications of a new family of next generation olefin polymerization catalysts for the creation of value-added olefin-based materials. Our own research based on a "ligand oriented catalyst design concept" has resulted in the discovery of new high-performance olefin polymerization catalysts named FI catalysts. FI catalysts in association with appropriate cocatalysts can exhibit a number of unique features, including exceptionally high ethylene insertion ability, high functional group tolerance, MAO- and borate-free polymerization catalysis and precise control over chain transfers. Due to these features, FI catalysts have created a wide variety of value-added olefin-based materials which include ethylene/polar monomer copolymers, ultrafine and noncoherent polyethylene（PE）particles, polyolefinic block copolymers and selective vinyl-terminated PEs. The vinyl-terminated PEs can readily be converted to well-defined terminally-functionalized PEs and PE/polyethylene glycol hybrid materials.