Novel polyester-type thermoplastic elastomers based on poly(alkylene succinate)s were synthesized by the lipase-catalyzed copolymerization of cyclic diol/succinate oligomer and cyclic diol/alkylthiosuccinate oligomer. These copolymers exhibited biodegradabilities by activated sludge and a wide range of thermal and mechanical properties that were dependent on the molecular structure and the content of side alkylthio groups. The degree of crystallinity of the copolymer decreased with increasing content of alkylthio groups, which were introduced into the polymer chain as a soft segment. Furthermore, lipase-catalyzed depolymerization of these copolymers into cyclic oligomers and repolymerization of the oligomers was carried out. A repolymerized copolymer having the same M w and monomer composition as the initial copolymer was obtained, indicating the chemical recyclability of the copolymer.