Oligomers are a significant group of migrating substances from food contact materials made of polyesters like polybutylene terephthalate (PBT). Twenty-three cyclic and linear oligomers with different end groups including olefin-terminated oligomers, which are associated with thermal stress of the material, were tentatively identified in PBT extracts by high-performance liquid chromatography with mass spectrometry and diode array detection. Quantification approaches based on chromophore concentration, relative response factors, and overall oligomer determination after hydrolysis to the monomer terephthalic acid were employed. An exhaustive extraction of thirteen PBT samples yielded an overall oligomer content of 1.87–6.10 mg/g material (sum of individual oligomers < 1,000 Da) with a predominant content of cyclic over linear oligomers. Migration experiments were performed according to Regulation (EU) No. 10/2011 using the official food simulants as well as cows’ milk. A total of 218 µg cyclic oligomers/L milk were detected in the third migrate relevant for risk assessment of repeated-use articles under hot-fill conditions (70 °C, 2 h). The official food simulant for milk, 50% ethanol, was found to overestimate the actual migration into milk by a factor of four. Frying conditions using sunflower oil as the food simulant (200 °C, 10 min) resulted in a migration of 7.5 mg cyclic oligomers/kg oil. The exposure to migrating oligomers is critical in some scenarios when evaluated by the threshold of toxicological concern concept; however, the toxicological evaluation poses a challenge due to the possible hydrolysis of cyclic oligomers in the human gastrointestinal tract. Our experiments display the need for a toxicological evaluation of PBT oligomers because the migration of cyclic oligomers is expected to exceed the current in silico–based thresholds under foreseeable conditions of use.