Polycaprolactone (PCL) was reported a long time ago; however, its biomedical applications has not been extensively investigated in comparison with poly(lactide-co-glycolide) (PLGA) due to its too slow degradation profile. Here, we are reporting an oxalate-connected oligocaprolactone multiblock copolymer (PCL-OX) as a fast degradable PCL while maintaining its crystalline properties and low melting point of PCL. The in vivo application of the paclitaxel-loaded PCL-OX microspheres provided a steady plasma drug concentration of 6-9 μg/mL over 28 days, similar to that of the PLGA microspheres. Both PCL and PLGA microspheres were completely cleared two months after in vivo implantation. The PCL-OX microspheres showed a similar tissue compatibility to that of PLGA microspheres in the subcutaneous layer of rats. These findings suggest that PCL-OX is a useful biomaterial that solves the slow degradation problems of PCL and, thus, may find uses in other biomedical applications as an alternative to PLGA.