The invention relates to a dinuclear nickel and Cu olefin polymerization catalyst with the coordination between 2, 5-diamino-1, 4-p-Benzoquinone diimine ligand and nickel acetylacetonate and copper acetylacetonate, a preparation method and applications. The expression of the catalyst is [M (acac) LM (acac)], wherein, L represents a ligand containing 2, 5-diamino-1, 4-p-Benzoquinone diimine coordinated with metal, M represents metal Ni or Cu, and acac represents acetylacetone. The dinuclear catalyst prepared by the invention has the advantages of simple preparation and good stability and has high catalytic activity under the function of neutral Lewis acid, such as methylaluminoxane (MAO) or modified methylaluminoxane (MMAO), etc., and under a mild condition, and by changing the substituent group on the ligand and with different activity, the invention can catalyze norbornene and methyl methacrylate to prepare polynorbornene and polymethyl methacrylate, which have different molecular weights, by homopolymerization.