Poly (caprolactone) membranes with addition of different poly (ethylene glycol) concentrations were prepared for separation of water/isopropanol azeotropic mixture by pervaporation process. Different characterization tests including Fourier transform infrared, scanning electron microscopy, water contact angle, and thermogravimetric analysis were carried out on the prepared membranes. In addition, the effect of poly (ethylene glycol) PEG content on the swelling degree and the performance of the prepared membranes in pervaporation process were investigated. According to the obtained results, all the membranes were water selective and the blend membrane containing 3 wt% PEG exhibited the best pervaporation performance with a water flux of 0.517 kg/m2 hour and separation factor of 1642 at the ambient temperature. Hydrophilicity improvement of the blend membranes was confirmed by constant decrease in water contact angle of the membranes as PEG content increased in the casting solution. Scanning electron microscopy cross‐sectional images indicated that the blend membranes containing PEG had a closed cellular structure. Furthermore, mechanical and thermal properties of the membranes decreased by adding PEG.