In this article, waste ground rubber tire (WGRT) powder was introduced into thermoplastic vulcanizate (TPV) to prepare the blends of WGRT powder/TPV. The mechanical, rheological, thermal aging, and dynamic properties of the blends were investigated with respect to the particle size and dosage of WGRT powder. The results showed that tensile strength, tear strength, elongation at break, and tensile permanent deformation of the blends increased with the decrease in WGRT particle size and decreased with the dosage of WGRT. The effects of different types and dosages of compatibilizers on mechanical and rheological properties of the blends were studied. The results showed that the compatibilizer PP-g-MAH could effectively improve the interfacial compatibility between WGRT and the TPV matrix to enhance the comprehensive properties of blends. The TPV/WGRT/PP-g-MAH blends obtained the best overall properties when prepared at the weight ratio 100/30/5. Rheological studies demonstrated that the WGRT/TPV blends represented lower apparent viscosity after PP-g-MAH were added, which means that processing performance of the blends was improved by PP-g-MAH. Scanning electron microscopy was used to study the morphologies of the blends. © 2013 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2014, 131, 39868.