We report a conceptually new polymerization technique termed migration insertion polymerization (MIP) for main chain metal-containing polymer (MCP) synthesis. Cyclopentadienyldicarbonyldiphenylphosphinopropyliron (FpP) is synthesized and polymerized via MIP, resulting in air stable poly(cyclopentadienylcarbonyldiphenylphosphinobutanoyliron) (PFpP) displaying narrow molecular weight distribution. The backbone of PFpP contains asymmetric iron units connected by both phosphine coordination and Fe-acyl bonds, which is representative of a new type of polymer. Furthermore, PFpP is tested to be soluble in a wide range of organic solvents and shown to possess reactive Fp end groups. PFpP amphiphiles have therefore been prepared via an end group migration insertion reaction in the presence of oligoethylene phosphine.