Multi-layered golf balls having at least one layer made of a polyester composition containing a polyester thermoplastic elastomer and plasticizer are provided. The plasticizers help reduce the glass transition temperature (Tg) of the composition and various plasticizers may be used. For example, the composition may include alkyl oleate plasticizers such as ethyl oleate and octyl oleate. Polyester-ether block copolymers are particularly preferred. The golf ball includes a core having at least one layer and a cover having at least one layer. The polyester composition may be used to form any core, cover, or other layer in the golf ball.