Segmented poly(ester urethanes) were synthesized from oligomeric cellulose triacetate diols, poly(caprolactone)diols, and 1,6-hexamethylene diisocyanate. The effects of the molecular mass and structure of soft and hard segments of poly(ester urethanes) on their thermal behavior, mechanical properties, and degradation in aqueous solutions of a phosphate buffer were studied by DSC and IR spectroscopy. The combination of soft segments derived from poly(caprolactone)diols with M = (1.0–3.5) × 103, hard segments based on depolymerized cellulose triacetate with M = (2–4) × 103, and 1,6-hexamethylene diisocyanate makes it possible to synthesize poly(ester urethanes) with excellent mechanical characteristics. The degree of crystallinity of these polymers increases with a decrease in the molecular mass of the depolymerized cellulose triacetate block in the hard segment. As the soft segment lengthens, phase separation between domains of soft and hard segments becomes more pronounced. Upon incorporation of poly(ethylene glycol) blocks into the soft segments of poly(ester urethanes), their hydrophobicity is enhanced and biodegradability is accelerated.