In this study, the thermal degradation behavior and the decomposition products obtained during the pyrolysis of a new polyester, poly(HASA/CHO) (PHC), were investigated. Thermogravimetric (TG) and differential thermogravimetric (DTG) analyses indicated that the pyrolysis of PHC could be divided into three stages. The average activation energies for stages I and III were estimated using the Kissinger method. The pyrolytic processes were monitored using gel permeation chromatography (GPC), differential scanning calorimetry (DSC), nuclear magnetic resonance (NMR), and ultraviolet-visible UV–vis spectroscopy. The effects of the PHC configuration on the thermal stability and evolution of the thermal process were explored. The results demonstrated that, compared to the cis-PHC, the trans-PHC is more likely to release anthracene via a retro-Diels-Alder reaction, and exhibits higher main chain stability. Interestingly, PHC could be reversibly recycled via the Diels-Alder reaction, leading to potential upcycling of the copolymer.