The presence of polyols with both polyester and polyether structures in polyurethane enhances bonding strength and facilitates easy curing. In this study, polyester-polyether block polyols with varying molecular weights (2500–3500) were synthesized through ring-opening polymerization (ROP) using l-lactide (LA) and ε-Caprolactone (CL). The chemical structure of the polyols was characterized using 1H nuclear magnetic resonance (1H NMR), Fourier transform infrared (FTIR), and gel permeation chromatography (GPC). Differential scanning calorimetry (DSC) and polarized optical microscopy (POM) were employed to examine the crystalline morphology of the polyols. Subsequently, the synthesized polyols were combined with 4,4′-diphenylmethane diisocyanate (MDI) and other additives to prepare polyurethane reactive hot melt adhesives. It was observed that, in PCL-based polyurethane reactive hot melt adhesives, increasing the molecular weight of the polyols resulted in improved crystalline morphology, increased lap shear strength and tensile strength, and enhanced thermal stability. On the other hand, PLA-based polyurethane reactive hot melt adhesives exhibited low bonding strength and lacked practical application value due to the poor toughness of PLA. Interestingly, the bonding strength and tensile strength of PLA-based polyurethane reactive hot melt adhesives improved when physically blended with PCL-based polyurethane reactive hot melt adhesives. These polyols offer a novel approach for utilizing LA and CL in adhesive applications.