The conformational landscape and ring-puckering properties of ε-caprolactone have been analyzed by using microwave spectroscopy and quantum chemical calculations. Two conformers were detected in a supersonic jet expansion, the most stable form being a chair containing the ester group in its rectangular flap. This conformation benefits from reduced CH2 bond eclipsing and angle strain, while π-electron delocalization in the ester group is increased. The derived effective structure of the chair form satisfactorily agrees with the calculated near-equilibrium structure. A twist-boat conformer was also identified (9.4 kJ mol−1 higher in energy at CCSD(T)/aug-cc-pVTZ level), and was located in the boat-twist-boat pseudorotation cycle of the seven-membered ring. Three other low-energy conformers were investigated and characterized in terms of the four puckering coordinates of the seven-membered ring. Potential interconversions in the four-dimensional conformation space are also discussed.