Poly(L-lactide)-b-poly(ethylene glycol)-b-poly(L-lactide) (PLLA-PEG-PLLA) shows promise for use in bioplastic applications due to its greater flexibility over PLLA. However, further research is needed to improve PLLA-PEG-PLLA’s properties with appropriate fillers. This study employed zinc phenylphosphate (PPZn) as a multi-functional filler for PLLA-PEG-PLLA. The effects of PPZn addition on PLLA-PEG-PLLA characteristics, such as crystallization and thermal and mechanical properties, were investigated. There was good phase compatibility between the PPZn and PLLA-PEG-PLLA. The addition of PPZn improved PLLA-PEG-PLLA’s crystallization properties, as evidenced by the disappearance of the cold crystallization temperature, an increase in the crystallinity, an increase in the crystallization temperature, and a decrease in the crystallization half-time. The PLLA-PEG-PLLA’s thermal stability and heat resistance were enhanced by the addition of PPZn. The PPZn addition also enhanced the mechanical properties of the PLLA-PEG-PLLA, as demonstrated by the rise in ultimate tensile stress and Young’s modulus. We can conclude that the PPZn has potential for use as a multi-functional filler for the PLLA-PEG-PLLA composite due to its nucleating-enhancing, thermal-stabilizing, and reinforcing ability.