Structural modification of poly(ε‐caprolactone) (PCL) allows the fabrication of new functional materials obtained via the PCL films/fibers stretching in ethanol by the crazing mechanism. Atomic force microscopy, X‐ray scattering, and differential scanning calorimetry are employed to study the evolution of PCL structure. It is shown that ethanol plasticizes the polymer being deformed, and the stretching of PCL films/fibers occurs with formation of a fibrillar‐porous structure in the interlamellar space. The obtained porous matrices have pore size below 50 nm and bulk porosities of 28% and 48% for fibers and films, respectively. Thermal stabilization of the PCL films’ porous structure made it possible to obtain breathable materials with a vapor permeability of 625–652 g m−2 per day. The resulting porous PCL fibers and films can be used as matrices for the incorporation of useful additives and preparation of functional nanocomposites (NCs), biodegradable surgical suture, packaging, covering, and textile vapor‐permeable materials. Hybrid NCs with antibacterial and fungicidal activities are obtained on the basis of the porous PCL matrices and functional components (5% silver, 1% brilliant green, 28% Betadine, etc.) incorporated into them.