A detailed investigation of the low-temperature endotherm of poly(ethylene terephthalate) (PET) performed by temperature-modulated differential scanning calorimetry is presented. The origin of the small endotherm, generally observed a few degrees above the crystallization temperature in PET and in many other polymers, is a widely discussed matter. The most frequent interpretation considers it the result of partial fusion with superposition of a recrystallization process even if it has also been proposed that it can originate from enthalpic recovery connected to mobilization of the rigid amorphous fraction. In an attempt to resolve the question, a new method for the interpretation of the modulated heat-flow-rate curve resulting from a temperature modulation program is proposed. The procedure consists of the analysis of the initial points of the steady-state heat-flow-rate signals in the heating and cooling semiperiods with the temperature modulation being performed with a sawtooth profile. The study conducted in parallel on the reversing specific heat capacity and the heat-flow-rate curves, observed on heating after isothermal crystallization at various temperatures, showed that multiple processes, involving both the crystalline and the rigid amorphous fraction, overlap in the temperature range in which the low-temperature endotherm is observed. The origin of the endotherm under investigation is therefore connected with both partial fusion of the crystalline portions and enthalpy recovery subsequent to structural relaxation of the rigid amorphous fraction. An estimation of the relative percentages of the two different processes is presented and discussed.