The nonisothermal crystallization behavior and melting process of the poly(epsilon-caprolactone) (PCL)/poly(ethylene oxide) (PEG) diblock copolymer in which the weight fraction of the PCL block is 0.80 has been studied by using differential scanning calorimetry (DSC). Only the PCL block is crystallizable, the PEO block with 0.20 weight fraction cannot crystallize. The kinetics of the PCL/PEO diblock copolymer under nonisothermal crystallization conditions has been analyzed by Ozawa’s equation. The experimental data shows no agreement with Ozawa’s theoretical predictions in the whole crystallization process, especially in the later stage. A parameter, kinetic crystallinity, is used to characterize the crystallizability of the PCL/PEO diblock copolymer. The amorphous and microphase separating PEO block has a great influence on the crystallization of the PCL block. It bonds chemically with the PCL block, reduces crystallization entropy, and provides nucleating sites for the PCL block crystallization. The existence of the PEO block leads to the occurrence of the two melting peaks of the PCL/PEO diblock copolymer during melting process after nonisothermal crystallization. The comparison of nonisothermal crystallization of the PCL/PEO diblock copolymer, PCL/PEO blend, and PCL and PEO homopolymers has been made. It showed a lower crystallinity of the PCL/PEO diblock copolymer than that of others and a faster crystallization rate of the PCL/PEO diblock copolymer than that of the PCL homopolymer, but a slower crystallization rate than that of the PCL/PEO blend.