Molecular aggregation structure and mechanical as well as thermal properties of novel well-defined multiblock copolymers consisting of crystalline syndiotactic polystyrene (sPS) and rubbery hydrogenated polyisoprene (hPIp) were investigated. The morphology and crystalline ordered structure of the multiblock copolymer films prepared by solvent casting from 1,2-dichlorobenzene solution depended on the volume fraction of sPS (VFsPS) and number of blocks. The multiblock copolymer films exhibited ordered morphology with low crystallinity. The crystallinity of the sPS reduced with decreasing the VFsPS. The pentablock copolymer produced more ordered morphology and less crystallinity than the triblock copolymers. The anisotropic orientation and mechanical stability of the δ form sPS crystals in the spherical sPS domains during uniaxial stretching were demonstrated. Tensile testing and dynamic mechanical analysis indicated that these multiblock copolymer films with appropriate sPS fraction are strong, tough, and elastic and thus could be potential candidates for a new type of thermoplastic elastomer with discrete crystalline hard domains.