Various strategies have been developed to improve the brittleness of poly (lactic acid) (PLA), most of which still suffer from the toughness-strength trade-off dilemma. Herein, we prepared phenol–formaldehyde-resin microspheres (PFM) with aliphatic hydroxyl groups to initiate L-lactide polymerization and synthesized a series of PFM-modified L-lactide oligomers (PFM-OLLA) bearing different arm lengths. PFM-OLLA were then physically blended with commercial PLA in different weight ratios to prepare synchronously strengthened and toughened PFM-OLLA/PLA composites. After blending with 4 % PFM2.5-OLLA (PFM content: 2.5 %), the mechanical properties of the PFM2.5-OLLA/PLA composites were best. PFM2.5-OLLA efficiently improved the crystallization behaviors of the PFM2.5-OLLA/PLA composites, thereby significantly enhancing their strength and toughness. The maximum tensile yield strength (40.2 MPa), elongation at break (85.7 %), and impact strength (20.8 kJ/m2) of PFM2.5-OLLA/PLA composites could respectively increase by 44.2 %, 465.7 %, and 100 %, compared to the values of neat PLA. The microscopic strengthening and toughening mechanisms were attributed to the rigidity of PFM, and the heterogeneous nucleating ability as well as larger free volume of PFM2.5-OLLA, whereas the visual toughening effects were attributed to multiple crazing and shear yielding phenomena. After simple alcoholysis and filtration, the polymer components were completely converted into methyl lactate. The recycled PFM, exhibiting excellent chemical stability, were reused to synthesize a new PFM-OLLA for strengthening and toughening PLA. This study provides a sustainable strategy for the development of high-performance PLA engineering materials showing great application potentials in the automotive, electronics and housing fields.