Novel renewable thermoplastic elastomers were synthesized by sequential polymerization of lysine‐ and itaconic acid‐derived monomers. Ring‐opening polymerization of lysine‐based O‐carboxyanhydride monomer using diethylene glycol as an initiator gave well‐defined α,ω‐dihydroxy functionalized lysine‐derived polyesters. The Mn of these polyesters increased with the monomer conversion while retaining relatively narrow molecular weight distributions. Based on the successful controlled polymerization and esterification of α,ω‐dihydroxy with 2‐bromoisobutyryl bromide, the resultant Br‐PL‐Br macroinitiator was used for the atom transfer radical polymerization of N‐phenylitaconimide (PhII). Three poly(N‐phenylitaconimide)‐b‐polyester‐b‐poly(N‐phenylitaconimide) triblock copolymers were prepared containing 12 − 25 mol% PPhII, as determined by 1H NMR spectroscopy. The properties of the obtained triblock copolymer are evaluated as high‐performance and renewable thermoplastic elastomer materials. © 2016 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2017, 55, 349–355