Multi-piece golf balls having a multi-layered solid core and cover of at least one layer are provided. In one preferred embodiment, a five-piece ball is formed. The center of the core is made of a thermoset rubber material. Three intermediate layers of thermoplastic material enclose the center. The outer cover layer is made of a composition comprising a polyurethane, polyurea, or copolymer or blend thereof. The finished ball has high resiliency and rebounding properties.