Due to concerns of environmental pollution and resource shortage related to the fossil fuel-based nondegradable plastics, biomass/biobased degradable polymer materials, especially polylactide (PLA), have received increasing attention in recent years. Although PLA can be depolymerized back to the cyclic monomer lactide, achieving a closed-loop cycle of "polymermonomer-polymer", it is very attractive but still a great challenge for recycling PLA to a high-performance polymer through a simple and green strategy suitable for industrialization. Herein, a facile solvent-free one-pot recycling strategy is developed to efficiently convert PLA and end-of-life PLA disposable products into an upgraded PLA-based polymer with enhanced performance. The recycling strategy involves a controlled fast catalytic alcoholysis to prepare a dihydroxyl-terminated PLA oligomer, i.e., PLA-diol, and subsequently a chain extension reaction to obtain PLA-based polyurethane, i.e., PLA−PU. The resulted PLA-diol and PLA−PU with well-defined structures were clearly characterized by 1 H NMR, MALDI-TOF MS, etc. Significantly, the PLA−PU exhibits enhanced mechanical properties that are preferable to those of PLA and can be processed through injection molding, melt spinning, and 3D printing. Besides, PLA−PUs can be directly depolymerized into monomer L-lactide with a high yield under vacuum, revealing its excellent recyclability, which demonstrates a proof of concept for closed-loop recycling from PLA to PLA−PUs and back to PLA. This work opens a potentially new industrial avenue of recycling PLA and other aliphatic polyester plastics.