In order to obtain tough and aqua‐degradable materials under relatively low water temperature, the poly(glycolic acid) (PGA, Tm ~ 225°C) was melt blended with poly (ε‐caprolactone) (PCL, Tm ~ 60°C) and chain extenders (CEs) were employed to regulate the interfacial compatibility. The crystallization behavior, morphological structure, mechanical properties, thermal stability, and rheological behaviors of the blends were studied, with a focus on their toughness and aqua‐degradability. Results showed that the incorporation of PCL deteriorated the tensile properties of PGA due to the induced interfacial defects which could be improved via minor CEs. With the PCL content of 20 phr and 1–1.5 phr of CEs, for example, the tensile strength of PGA/PCL reached 80.64 MPa, and the elongation at break and toughness were up to 142.92% and 89.12 MJ/m3, respectively. The employed CEs were confirmed to be efficient in improving compatibility through extending molecular chains, but crystallization dynamics and thermal stability of both components were not affected. Finally, fibers of PGA/PCL were melt electro‐spun and their aqua‐degradation efficiency at 70°C were evaluated for 114 h, revealing a degradation ratio as high as ~90% and indicating that the introduction of low‐melting‐point PCL gave rise to the required aqua‐degradation properties of PGA in low‐temperature water environments.