Abstract: This article concerns primarily the phenomenon of "pseudo-gel" produced during the process of the preparation of hydroxyl-terminated poly-butadiene by anionic polymerization of butadiene monomer, using naphthalene-lithium as initiator, extract oil as solvent, and ethylene oxide as terminator. Astructural model of "pseudo-gel" was first proposed by the authors. The necessary conditions of the formation of "pseudo-gel" were discussed theoretically, Acorresponding empirical equation was also developed.