Poly(trimethylene terephthalate) (PTT) was depolymerized in hot compressed water (HCW) using a fused-silica capillary reactor (FSCR) and a batch-type autoclave reactor. The phase behavior of PTT in water during the heating, reaction, and cooling processes was observed in an FSCR with a microscope and recorded by a digital camera. It was found that PTT can dissolve in water in a temperature range of 240–320 °C and form a homogeneous aqueous solution. The effects of the reaction temperature (240–320 °C) and reaction time (5–60 min) were evaluated in a batch-type autoclave reactor. The main depolymerization products of PTT were terephthalic acid (TPA) and 1,3-propanediol (1,3-PDO), which were identified by liquid chromatography mass spectrometry, Fourier-transform infrared spectroscopy, gas chromatography mass spectrometry, Raman spectroscopy, and quantified by high-performance liquid chromatography as well as gas chromatography. Additionally, it was found that 1,3-PDO was converted to 1,5-dioxocane partly in the presence of TPA. Under optimal reaction conditions, i.e. 300 °C, 15 min, with a water/PTT ratio of 8:1 (w/w), complete depolymerization was achieved, and the yields of TPA and 1,3-PDO reached 90.5% and 69.03%, respectively. Based on the results, a reaction mechanism for PTT depolymerization in HCW was proposed.