Hydroxyl-terminated polybutadiene (HTPB) with high cis-1,4 content (>95.0%) has been prepared via a two-step method by taking commercial butadiene rubber (BR9000) as a starting material, including the one-pot synthesis of aldehyde-group-terminated polybutadiene (ATPB) in high efficiency and the subsequent reduction reaction. The double bonds distributed in linear polybutadiene were first epoxidized and then cleaved at the exact epoxidized sites. The epoxidation reaction by 3-chloroperbenzoic acid and chain-cleavage reaction by periodic acid are controllable, highly efficient, selective, and quantitative. Along with an epoxy percent increase, the molecular weight of ATPB prepared via a one-pot method decreased with a relatively narrow polydispersity index. The aldehyde groups in the chain ends were reduced by NaBH4 to produce HTPB, in which the high cis-1,4 content of BR was retained.