In our previous research, we conducted the continuous drawing of amorphous poly(ethylene terephthalate) (PET) fibers in ethanol bath at room temperature using a set of rollers operating at different rotation speeds. Formation of multiple-neck, and infusion of ethanol into filament along with dye were confirmed. Intermittent initiation of a group of necks and fluctuation of drawing tension were also observed. The distribution of multiple-neck along the drawing line and the fluctuation of drawing tension were highly correlated with the process stability and the uniformity of drawn fibers, both of which are important concerns for the industrial applications. To explore the possibility of efficient improvement of the process, PET filaments were prepared by the melt spinning process at the take-up velocity of 400 m/min, and the continuous drawing process of the prepared PET filaments in ethanol was analyzed in detail thorough the on-line observation. In the continuous drawing process, we measured the variation of instantaneous draw ratio along the drawing line in the ethanol bath and analyzed the propagation speed of individual neck under various drawing conditions. Homogeneity of the neck initiation and the stability of drawing tension were significantly improved by the installation of a drawing pin. Structure and properties of the drawn fibers were analyzed. Appearance of the endothermic peak in the DSC curve was considered to be due to the vaporization of ethanol, and accordingly the presence of ethanol in the filaments was confirmed. The ethanol-induced crystallization was also confirmed from the crystalline reflections in the 2-D WAXD patterns. At the same draw ratio, the elongation at break of PET fibers drawn with ethanol was found to be higher than that of drawn fibers without using ethanol, indicating the possibility of achieving higher tensile strength by applying additional drawing.