Disclosed is a polymerization process comprising feeding a monomer as a raw material, a polymerization catalyst, and optionally, an inert medium to a tubular reactor in a pressurized state; permitting a part of the raw material monomer and the inert medium fed to the reactor to form a gas phase and the remainder to form a liquid phase, so that both of the gas phase comprising the raw material monomer and / or the inert medium and the liquid phase comprising the raw material monomer and / or the inert medium are present in the reactor, wherein said liquid phase may contain a resulting polymer as a solid, and so that a gas-liquid separated flow or a gas-liquid-solid separated flow has the gas phase that is continuous in the direction of flow is formed in the reactor; and polymerizing the raw material monomer while carrying the liquid phase by the gas phase flow, wherein the ratio of a volume flow rate of the liquid phase to a volume flow rate of the gas phase at the outlet of the reactor is 0.00001 to 100,000. According to the polymerization process, polymerization can be accomplished with excellent thermal efficiency and small power energy, and besides various polymers almost free from restrictions on their properties such as viscosities and melting points can be produced.