Newly aromatic poly(phosphazene-aryl ester), was prepared by polycondensation reaction of synthesized aromatic diols: 1,1,3,5-tetraphenoxy-3,5-bis(4-hydroxyphenoxy) cyclotriphosphazene with terephthaloyl dichloride. The chemical structure of the synthesized diols and polyphenyl esters were characterized by elemental analysis, H-1 and P-31 NMR and FTIR techniques, Whereas their thermal and crystallite properties were determined by DSC, TGA and XRD techniques. Compared to conventional p-oxybenzoyl homopolyester, the poly(phosphazene-aryl ester) shows excellent thermal stability and solubility in polar protic Solvents. Poly(phosphazene-aryl ester) shows two thermal degradation in temperature range 150-600 degrees C while the monomer, indently its structure, shows the first maximum rate of thermal decomposition temperature around 150-300 degrees C, which may be due to the decomposition of the P-O-C bond.