Poly (vinyl alcohol) (PVA) and L-lactic acid (LA) were compounded to get biodegradable polymeric film with useful mechanical, thermal, and bacteriostatic properties for possible medical or packaging applications. Samples with various concentrations of LA were prepared by using the solvent cast technique and characterized by tensile tests, differential scanning calorimetry, Fouriertransform infrared spectroscopy, thermogravimetry, evolved gas analysis, and bacteriostatic tests, and their biodegradability was investigated under aquatic and aerobic conditions. The films show a rapid increase in elasticity and decrease in glass transition temperatures due to the presence of LA. A bacteriostatic effect on Pseudomonas putida, Staphylococcus epidermis, and Micrococcus sp. was proved. The biodegradation of all samples by mixed microflora was completed within 250 hours; however, the course of biodegradation was influenced by both esterification of PVA and the presence of molecules of LA in the polymeric films.