Physical aging of semicrystalline poly(ethylene terephthalate) has been investigated as a function of crystalline content. Stress–strain, stress relaxation, and differential scanning calorimetry experiments were used to monitor the physical aging process. Both the overall extent and the rate of physical aging in this material decrease with increasing crystallinity. Several possible reasons for this behavior are advanced and discussed. It was also found that the drawing behavior of amorphous PET changes significantly as physical aging progresses. Specifically, for samples aged and then elongated, the extent of localized deformation (necking) and associated strain‐induced crystallization was greater for samples aged for longer periods of time.