PET slices and masterbatch with organic synthetic additives were the main raw materials. Through crystallization drying, melt extrusion casting and longitudinal and transverse stretching, a degradable and recycled polyester agricultural film (DRP film) with high thermal insulation, high transparency, high strength and aging resistance was developed. The radiation transmittance, heat preservation ability, tensile properties, tear resistance, thermal stability and aging resistance of the DRP film were characterized by means of comparative analysis using spectrophotometer, universal testing machine and thermogravimetric analyzer. The results showed that the transmittance of DRP films in photosynthetic effective radiation wave range was 90.73%. The transmittance of ultraviolet radiation B and midinfrared was 0.74% and 14.56%, respectively, which showed that DRP film had a good ability to resist the ultraviolet radiation B and the heat preservation at night. In addition, by comparing the radiation transmittance properties of DRP films aged naturally for about one year over the greenhouse with that of initial DRP films, it was found that DRP films aged naturally declined only 3 percentage points in photosynthetic effective radiation wave range, and it still had good light transmittance. The radiation transmittance of DRP film was decreased only by 4.34 percentage points in 5000~25000 nm after aging, and it still had good heat preservation ability as the film of greenhouse at night. The longitudinal tensile strength of DRP film was 103.21MPa, which could meet the requirements of normal use. The longitudinal trouser tear strength of DRP film was 244.17kN/m, which was 19.49 times of that of PET film. DRP film had three obvious weightlessness phenomena during the temperature rise to 600℃ in thermogravimetric test. The first weightlessness temperature of DRP film was (250±5)℃, and it had better thermal stability. In conclusion, the DRP greenhouse transparent cover material had outstanding advantages in light transmission, heat preservation, mechanical properties and aging resistance.