A polyesteracetal contains —[C(O)(CR3R4)x(C(O))yOCR1R2O]— repeating unit where x is 0 to 5, y is 0 or 1, and R1, R2, R3 and R4 are independently H, C1 to C24 alkyl, C2 to C24 alkenyl, C6 to C14 aryl, C7 to C24 alkylaryl, heteroatom interrupted C1 to C24 alkyl, heteroatom interrupted C2 to C24 alkenyl, heteroatom interrupted C4 to C14 aryl, or heteroatom interrupted C5 to C24 alkylaryl, and wherein on average x>1 or y>0. The polyesteracetal can be a homopolymer or copolymer. A method of preparing the polyesteracetal comprises a ring-opening polymerization of a cyclic esteracetal monomer using a metal alkolate, metal alkoxide or metal alkyl initiator.