This work presents a comparative study of the morphology and structure related properties of thermoplastic elastomer blends based on SEBS/PP/Oil and dynamically vulcanized EPDM/PP/Oil. A combination of ruthenium oxide staining and low voltage scanning electron microscopy (LVSEM) was found to be suitable for the study of morphology of these highly oil extended blends. h close analogy was found in the mechanical, thermal and rheological properties of the two systems made in an internal Brabender mixer and co-rotating turin screw extruder. The morphology of the blends, as made by the two techniques, was found to be significantly different. In the case of TPVs, the blonds made in the extruder had smaller EPDM domains and better tensile properties. In the case of SEBS, the blends made in the Brabender had more co-continuous phases and showed better tensile properties. Crystallization behavior of the isotactic polypropylene in the blends was found to be influenced by the type of rubber. Blends of SEBS/PP crystallized at a lower temperature than the TPVs. These differences were probably caused by differences in the nucleating ability of the two rubbers.