Blends of poly(ethylene oxide) (PEO) with poly(ε-caprolactone) (PCL), both semicrystalline polymers, were prepared by co-dissolving the two polyesters in chloroform and casting the mixture. Phase contrast microscopy was used to probe the miscibility of PEOB/PCL blends. Experimental results indicated that PEO was immiscible with PCL because the melt was biphasic. Crystallization of PEO/PCL blends was studied by differential scanning calorimetry and analyzed by the Avrami equation. The crystallization rate of PEO decreased with the increase of PCL in the blends while the crystallization mechanism did not change. In the case of the isothermal crystallization of PCL, the crystallization mechanism did not change, and the change in the crystallization rate was not very big, or almost constant with the addition of PEO, compared with the change of the crystallization rate of PEO.