The present invention generally relates to golf balls and more particularly to golf balls having multi-layered cores comprising a thermoset rubber center, a thermoplastic intermediate core layer, and a thermoset rubber outer core layer. A cover layer is disposed about the multi-layered core. At least one of the center, intermediate core layer, and outer core layer comprises a polyalkenamer rubber. The polyalkenamer rubber may be blended with other rubbers such as polybutadiene, polyisoprene, ethylene propylene diene, and styrene-butadiene rubbers. The polyalkenamer rubber composition helps improve resiliency of the core and provides the ball with a comfortable and soft feel.