A novel polymeric shape memory system of chemically cross-linked polycyclooctene (PCO) was developed and characterized. PCO was synthesized via ring-opening metathesis polymerization of cyclooctene using the dihydroimidazolylidene-modified Grubb's catalyst. After dicumyl peroxide was added to PCO, the mixture was compression-molded into a film and further cured through chemical crosslinking upon heating. The chemically cross-linked PCO samples were fully characterized using differential scanning calorimetry (DSC), dynamic mechanical analysis (DMA), and wide-angle X-ray scattering (WAXS) in order to gain insight into the rapid shape memory behavior. We observe that the transition temperature of PCO is tunable through the change of the trans/cis ratio of vinylene groups. A fast shape memory behavior was observed, where the primary stress-free shape was recovered within 1 s on immersion in hot water above the melting point of the crystalline PCO phase. In contrast with glassy shape memory polymers, chemically cross-linked PCO behaves as an elastomer capable of arbitrary shaping above the sharp melting temperature of the PCO crystalline phase and subsequent shape fixing during crystallization.