SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                   ----------

                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of report (Date of earliest event reported): May 2, 2007


                               POLYONE CORPORATION
                               -------------------
               (Exact name of registrant as specified in charter)


                  Ohio              1-16091              34-1730488
                  ----              -------              ----------
             (State or other      (Commission              (I.R.S.
             jurisdiction of      File Number)             Employer
             incorporation)                           Identification No.)


            PolyOne Center, 33587 Walker Road, Avon Lake, Ohio 44012
            --------------------------------------------------------
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (440) 930-1000


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         (Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing requirements of the registrant under any of
the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13E-4(c))




Item 2.02. Results of Operations and Financial Condition.

On May 2, 2007, the Registrant issued a press release, furnished herewith as
Exhibit 99.1, announcing earnings for the first quarter of 2007. The press
release shall not be deemed to be "filed" under the Securities Exchange Act of
1934.

Item 9.01. Financial Statements and Exhibits.

      (d)   Exhibits.

            Exhibit 99.1 - Press release dated May 2, 2007, furnished herewith.




                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                                  POLYONE CORPORATION

                                                  By:  /s/ W. David Wilson
                                                       -------------------------
                                                       W. David Wilson
                                                       Senior Vice President and
                                                        Chief Financial Officer

Dated: May 2, 2007

·	Core operating business gross margins improve despite challenging North American economic environment

·	International operations continue strong sales and earnings growth

·	Equity investment joint venture earnings, as reflected in the Resin and Intermediates segment, decline substantially due to narrowing spreads caused by soft building and construction demand

·	Cash flow remains positive in spite of seasonal working capital build

·

Specialization - PolyOne is upgrading its product mix by capturing higher-value new business, pruning low-margin accounts and delivering innovative solutions through the development of specialized new products, technologies and services. A commercial example of an innovative solution is the recently introduced line of products for use in wood-plastic composite applications such as fencing, decking, railings, and window and door frames. These patent-pending color and additive concentrates provide excellent color distribution, which gives customers improved processing and, in turn, lowers their operating costs. PolyOne has more than 10 years experience in wood-plastic composites.

·

Globalization - PolyOne’s new specialty color plant in Kutno, Poland, is on schedule to open this summer. Additionally, in the second quarter, the Company will complete the acquisition of the vinyl assets and operations of Ngai Hing PlastChem Company, enabling PolyOne’s accelerated entry into the South China vinyl compounding market. Moreover, the recently opened Mumbai, India, office is gaining momentum closing new high-value applications, including sales with a global appliance manufacturer.

·

Operational excellence - During the 2007 first quarter, on-time delivery continued to improve and exceeded 90 percent of shipments. Since the focus was placed on this key customer goal in March 2006, on-time delivery has improved by 7 percentage points. Additionally, during the quarter, all business units launched Lean Six Sigma processes to simplify work streams and eliminate waste. During 2007, PolyOne anticipates annual savings totaling more than $2 million, net of training and consulting costs, with benefits accelerating in 2008 and beyond.

·

Commercial excellence - PolyOne has hired 65 additional people in sales, marketing, and research and development since the first quarter of 2006 to strengthen and expand commercial effectiveness. Also, the Company has initiated value-based selling training with the intent of quantifying the economic impact of products and services delivered to customers, which results in higher gross margins and value creation for shareholders. Continued gross margin improvement from this quarter foreshadows an anticipated progression of commercial successes.

·	the effect on foreign operations of currency fluctuations, tariffs, nationalization, exchange controls, limitations on foreign investment in local businesses and other political, economic and regulatory risks;

·	changes in polymer consumption growth rates within the U.S., Europe or Asia or other countries where PolyOne conducts business;

·	changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online in the polyvinyl chloride (PVC), chlor-alkali, vinyl chloride monomer (VCM) or other industries in which PolyOne participates;

·	fluctuations in raw material prices, quality and supply and in energy prices and supply, in particular fluctuations outside the normal range of industry cycles;

·	production outages or material costs associated with scheduled or unscheduled maintenance programs;

·	costs, difficulties or delays related to the operation of joint venture entities;

·	lack of day-to-day operating control, including procurement of raw materials, of equity affiliates or joint ventures;

·	partial control over investment decisions and dividend distribution policy of the OxyVinyls partnership and other minority equity holdings of PolyOne;

·	an inability to launch new products and/or services within PolyOne’s various businesses;

·	the possibility of further goodwill impairment;

·	an inability to maintain any required licenses or permits;

·	an inability to comply with any environmental laws and regulations;

·	the cost of compliance with environmental laws and regulations, including any increased cost of complying with new or revised laws and regulations;

·	unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters, including any developments that would require any increase in our costs and/or reserves for such contingencies;

·	an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to cost reductions and employee productivity goals;

·	a delay or inability to achieve targeted debt level reductions;

·	an inability to access the receivables sale facility as a result of breaching covenants due to not achieving anticipated earnings performance or for any other reason;

·	any poor performance of our pension plan assets and any obligation on our part to fund PolyOne’s pension plan;

·	any delay and/or inability to bring the North American Color and Additives and the North American Engineered Materials segments to profitability;

·	an inability to raise or sustain prices for products or services;

·	an inability to maintain appropriate relations with unions and employees in certain locations in order to avoid business disruptions;

·	any change in any agreements with product suppliers to PolyOne Distribution that prohibits PolyOne from continuing to distribute a supplier’s products to customers;

·	the timing and amounts of any repurchases of outstanding senior notes and debentures of the Company, including the amount of any premiums paid;

·	timing of completion of acquisitions, including the acquisition of Ngai Hing PlastChem Company;

·	the future financial performance of acquisitions, including that of Ngai Hing PlastChem Company, and

·	other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation.

2.	Environmental remediation costs for facilities either no longer owned or closed in prior years.

3.

Non-cash impairment charges to adjust the carrying value of discontinued operations to estimated net future proceeds and to recognize costs that were not allowed to be recognized due to the contingent nature of these costs until the business was sold, in accordance with Generally Accepted Accounting Principles.

4.	Tax allowance to adjust net U.S. deferred income tax assets. Includes $2.1 million of AMT and state tax expense.