The effect of plastic deformation on the molecular dynamics of atactic polystyrene (a‐PS) was studied by broadband dielectric relaxation spectroscopy (BDRS), Fourier‐transform infrared spectroscopy (FTIR) and polarized‐light microscopy. Sheets of a‐PS have been subjected to cold rolling, that is, mechanical rejuvenation, followed by a quenching step and fast heating above its glass‐transition temperature, resulting in thermal rejuvenation. Cold rolling revealed, in addition to the known α‐ and γ(I)‐relaxations, four hitherto unknown relaxation processes (II, III, IV and V). Using the framework of craze formation and multiplicity of the glass transition (E. Donth, G. H. Michler, Colloid Polym. Sci. 1989, 267, 557–567), supported by an activation‐enthalpy/entropy analysis (Starkweather, W. Howard, Macromolecules 1981, 14, 1277–1281), the following physical picture emerges: (a) processes I and II represent local conformation transitions γ referring to chains of two different degrees of stretching (T/G‐ratio); and (ii) processes III and IV were identified as helix‐inversion processes of T2G2 helices as reported earlier for syndiotactic‐rich PS—an assignment supported by FTIR results. Finally, the relaxation V could be attributed to the onset of the fibrillar glass transition (within crazes), leading to stress release by collapse of the fibrils and hence dying out of process V. Polarized‐light microscopy confirmed the creation of oriented structures and internal stresses upon cold rolling, and their removal upon thermal rejuvenation.