Disclosed is a method for reducing the odor and/or improving the performance of polyester plasticizers of the type made from a dibasic acid, a polyol, and a chain terminator wherein a molar excess of alcohol ingredients is used. Such improved polyester plasticizer is made by subjecting the polyester plasticizer to a second stage reaction with a treating agent reactive with hydroxyl groups to reduce the hydroxyl value to no more than about 4. Preferably, the low acid number of the initial polyester plasticizer is maintained. The treating agent can be monofunctional or poly-functional, though preferably a difunctional isocyanate is used. Conventional thermoplastic substrates, typified by polyvinyl chloride, can be plasticized with the novel polyester plasticizers of the present invention.