Polydicyclopentadiene (PDCPD) is a kind of high-performance thermoset resin widely used in industry. Herein, we report a liquid ruthenium metathesis catalyst, soluble in dicyclopentadiene. As a result, solvents used in traditional Ru-based catalytic systems can be avoided, simplifying the process of ring-opening metathesis polymerization (ROMP) of dicyclopentadiene. This reported catalyst shows high activity in the ROMP reaction and desirable stability in air. PDCPD samples cured by this catalyst show increase in mechanical properties and Tg value, compared with those cured by Grubbs 2nd generation catalyst. This work laid a solid foundation for the industrial use of Ru-based metathesis catalysts in polymerization. • A liquid and stable Ru-based metathesis catalyst is reported. • PDCPD materials with excellent mechanical properties has been prepared. • PDCPD with high Tg value can be achieved.