A new type of semicrystalline vitrimer was prepared via the incorporation of glycerol into the amorphous phase of poly(butylene terephthalate) (PBT) by solid-state (co)polymerization (SSP). A near quantitative incorporation of the glycerol was confirmed by NMR spectroscopy. Wide- angle X-ray diffraction, differential scanning calorimetry (DSC), and temperature-modulated DSC showed that the PBT/glycerol-based vitrimers maintain the crystallization characteristics of normal PBT. By a change in the cross-link density of the PBT/glycerol-based vitrimers, a wide range of thermal, rheological and mechanical properties were obtained; e.g., the rubbery plateau modulus at 270 °C could be tuned from 0.07 to 3 MPa. The characteristic vitrimer behavior was demonstrated by stress relaxation and oscillatory frequency sweep experiments. In addition, these semicrystalline vitrimers can be recycled multiple times by compression molding without a substantial loss in dynamic mechanical and thermal properties.