Thermoplastic phase-segregated multiblock copolymers with polydepsipeptides and PCL segments were prepared via coupling of diol and PCL-diol using an aliphatic diisocyanate. The obtained multiblock copolymers showed good elastic properties and a shape memory. Almost complete fixation of the mechanical deformation, resulting in quantitative recovery of the permanent shape with a switching temperature around body temperature, was observed. In hydrolytic degradation experiments, a quick decrease of the molecular weight without induction period was observed, and the material changed from elastic to brittle in 21 d. These materials promise a high potential for biomedical applications such as smart implants or medical devices.