A dopamine‐functionalized poly(vinyl alcohol) (PVA) elastomer with melt processability and self‐healing properties was prepared by a new chemical route of graft modification, that is, PVA carboxylation and a carbodiimide reaction. The conventional modifier for PVA sacrificed the intrinsic hydrogen‐bonding interactions and dramatically decreased the mechanical strength. The modifier dopamine, as a catechol derivative, has two hydroxyl groups, which formed hydrogen bonds with the hydroxyl groups of PVA; it also has one benzene ring, which increased the thermal stability. We found that the introduction of dopamine into the PVA molecular structure lowered the melting point, improved the thermal stability, broke the crystalline structure, and enabled thermal processing. Moreover, the modified PVA possessed good mechanical properties, could be self‐healed, and is believed to have potential applications in many fields. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 45072.