A multi-microlayer thermoplastic film structure and methods of making the same. More specifically, this invention relates to a multi-microlayer film having a plurality of corrugated polymer layers and a plurality of thermoplastic elastomer layers. Filler materials and surfactants may be included in either the corrugated polymer layer or the thermoplastic elastomer layer. The multi-microlayer films may be formed in a co-extrusion process.