The review focuses on the current studies of the deformation response and accompanying structural transformations of thermoplastic semicrystalline polymers subjected to uniaxial tension prior to the yield point. The mechanisms of strain-induced cavitation of amorphous layers and damages of crystalline lamellae are analyzed in line with novel results on the deformation behavior of solid polymers at temperatures exceeding the glass transition point. The coupling of viscoelastic and plastic deformation mechanisms with the small-strain structural transformations is critically discussed on the basis of the advanced theoretical modeling of mechanical properties of semicrystalline polymers.