Sequential copolymerizations of trimethylene carbonate (TMC) and L-lactide (LLA) were performed with 2,2-dibutyl-2-stanna-1,3-oxepane as a bifunctional cyclic initiator. The block lengths were varied via the monomer/initiator and via the TMC/L-lactide ratio. The cyclic triblock copolymers were transformed in situ into multiblock copolymers by ring-opening polycondensation with sebacoyl chloride. The chemical compositions of the block copolymers were determined from H-1 NMR spectra. The formation of multiblock structures and the absence of transesterification were proven by C-13 NMR spectroscopy. Differential scanning calorimetry (DSC), wide-angle X-ray scattering (WAXS), and dynamic mechanical analysis (DMA) measurements confirmed the existence of a microphase-separated structure in the multiblock copolymers consisting of a crystalline phase of poly(LLA) blocks and an amorphous phase formed by the poly(TMC) blocks. Stress-strain measurements showed the elastomeric character of these biodegradable multiblock copolymers, particularly in copolymers having c-caprolactone as comonomer in the poly(TMC) blocks.