Investigation of the effect of electron radiation on the flow rate and average molecular weight of poly(ε‐caprolactone) (PCL) as well as on formation of the gel fraction of this polymer being irradiated in the presence of triallyl isocyanurate (TAIC) was the aim of the present paper. It was found that PCL macromolecules upon the electron radiation underwent both degradation and linking, because of which the polymer molecular weight increased. The processes associated with elongation of the polymer chains prevailed over the degradation ones. It was also found that PCL irradiated in the presence of TAIC underwent crosslinking resulting in formation of a significant amount of the gel fraction. The largest amount of this fraction was created upon the radiation with the dose of 60 kGy, which was confirmed by the results of determination of the swelling index. Changes in properties of PCL, occurring because of the electron radiation, are important for controlling viscosity of polymeric materials during processing of these materials. Copyright © 2015 John Wiley & Sons, Ltd.