Poly(ethylene terephthalate) (PET) fibers were grafted with poly(vinyl acetate) (PVAc) and poly(vinyl alcohol) (PVA). The effects of graft copolymers PVAc and PVA on morphological properties of PET were evaluated by differential thermal analysis, differential scanning calorimetry, and thermogravimetric analysis. Melting temperature, heat of fusion, and mass fractional crystallinity of PET was not affected by graft PVAc and PVA. No individual glass transition and melting points corresponding to the graft PVAc and PVA were observed, indicating thereby that graft copolymer mainly exists in the form of free chains inside the PET matrix. Poly(vinyl alcohol) graft copolymer degraded at much lower temperatures than poly(vinyl alcohol) in powder form. Thermal stability of PET fiber was not affected by graft PVAc, where as PET–g–PVA showed an additional degradation point at 360°C.