A method for preparing an oriented microporous shaped article is provided. The method comprises the steps of melt blending thermoplastic polymer with a solubilizing amount of a compatible liquid to form a homogeneous solution, forming a shaped article from the solution, cooling the shaped article at a rate and to a temperature sufficient to initiate thermodynamic, non-equilibrium liquid-liquid phase separation and then to solidify the thermoplastic polymer, stretching the article in a first direction sufficient to permanently attenuate the article and effect orientation of the polymer, and removing at least a substantial portion of the compatible liquid before or after the stretching step to form an oriented microporous shaped article.