This invention discloses a process for preparation of a balloon expandable biodegradable polymer stent with thin struts (strut thickness 130 μm or less, preferably 100-110 μm) with high fatigue and radial strength. The invention discloses a process for the preparation of a biodegradable polymer stent which involves radially deforming the biodegradable polymer tube by applying pressure to it with an inert gas at a predefined temperature in multiple stages with each successive stage having a pressure higher than the pressure applied in a previous stage. The process further involves maintaining the predefined temperature and pressure conditions of each stage for a specified time period after application of the pressure.