To provide a modified recycled polyester resin that has stable moldability, is capable of producing as a by-product only a small amount of gel-like material during the process of modification to allow stable cross-linking reaction, and can prevent the possibility of recleavage, and to provide a molded article using the same. The modified recycled polyester resin contains a recycled PET resin having a carboxyl group, and a modifying agent having an epoxy group and an oxazoline group, ends of the carboxyl group of the recycled PET resin being modified with the modifying agent, wherein a mole ratio between the oxazoline group and the epoxy group is within a range of 100:90 to 100:0.01, and an additive amount of the modifying agent is 0.001 to 15 parts by mass with respect to 100 parts by mass of the recycled PET resin.