Polychelates of poly(maleic acid-co-olefin) with Cu(II), Co(II), Ni(II), and Zn(II) metal ions are synthesized. These compounds are characterized by FT IR, UV-vis spectroscopy, and thermal analysis. The electrical conductivity measurements are carried out. These demonstrate that at temperature close to 130 degreesC the electrical conductivity increased to values near to the semiconductor range. The PM3 calculations are also carried to study the geometry of the polychelates.