Summary: Novel, star‐shaped, amphiphilic block copolymers composed of fully degradable poly(caprolactone) were synthesized by sequential addition polymerization. In the first step, four‐arm macroinitiators were produced by ring‐opening polymerization of caprolactone by initiation with pentaerythritol. Then, block copolymers were synthesized by sequential addition of 4‐(2‐benzyloxyethyl)‐ε‐caprolactone to the four‐arm macroinitiators. Star‐shaped, amphiphilic block copolymers containing poly(caprolactone)‐block‐poly[4‐(2‐hydroxyethyl)caprolactone] segments were obtained by catalytic debenzylation.