5-(2-Phthalimidyl-3-methyl butanoylamino)isophthalic acid (5), as a novel diacid monomer containing phthalimide and flexible chiral groups, was prepared by the reaction of 2-phthalimidyl-3-methyl butyric acid chloride (4) with 5-aminoisophthalic acid (5AIPA) in dry N,N-dimethylacetamide (DMAc). A series of novel polyesters (PE)s containing phthalimide group was prepared by the reaction of diacid monomer 5 with several aromatic diols via direct polyesterification with the tosyl chloride/pyridine/dimethylformamide (DMF) system as a condensing agent. The resulting new polymers were obtained in good yields with inherent viscosities ranging between 0.37 and 0.61 dL g−1 and were characterized with FT-IR, 1H NMR, elemental and thermogravimetric analysis techniques. These polymers are readily soluble in amide type solvents such as DMAc, DMF, 1-methyl-2-pyrrolidone, hexamethyl triaminophosphine, dimethyl sulfoxide and protic solvents such as sulfuric acid. Thermogravimetric analysis showed that the 10% weight loss temperature in a nitrogen atmosphere was more than 345 °C, which indicates that the resulting PEs have a good thermal stability as well as excellent solubility.