Depolymerization breaks down polymer chains into monomers like unthreading beads, attracting more attention from a sustainability standpoint. When polymerization reaches equilibrium, polymerization and depolymerization can reversibly proceed by decreasing and increasing the temperature. Here, we demonstrate that such dynamic control of a growing polymer chain in a selective solvent can spontaneously modulate the self-assembly of block copolymer micellar nano-objects. Compared to polymerization-induced self-assembly (PISA), where irreversible growth of a solvophobic polymer block from the end of a solvophilic polymer causes micellization, polymerization/depolymerization-induced self-assembly presented in this study allows us to reversibly regulate the packing parameter of the forming block copolymer and thus induce reversible morphological transitions of the nano-objects by temperature swing. Under the coupled equilibria of polymerization with self-assembly, we found that demixing of the growing polymer block in a more selective solvent entropically facilitates depolymerization at a substantially lower temperature. Taking ring-opening polymerization of δ-valerolactone initiated from the hydroxyl-terminated poly(ethylene oxide) as a model system, we show that polymerization/depolymerization/repolymerization leads to reversible morphological transitions, such as rod–sphere–rod and fiber–rod–fiber, during the heating and cooling cycle and accompanied by changes in macroscopic properties such as viscosity, suggesting their potential as dynamic soft materials.