Morphological and rheological properties of the poly(methyl methacrylate) (PMMA) and polystyrene (PS) blends were studied by scanning electron microscopy (SEM) and advanced rheometric expansion system (ARES). From the SEM results, the PMMA-PS blends showed dispersed morphology and the particle size of the dispersed phase was quite small (0.1~0.6 $mu extrm{m}$ compared with other immiscible polymer blends. Values of the interfacial tension of the PMMA-PS blend were obtained from the Choi-Schowalter and the Palierne emulsion models using the storage modulus of the PMMA and PS, and found to be 1.0 and 2.0 mN/m, respectively. The interfacial tension between the PMMA and PS was also calculated from the Flory-Huggins polymer-polymer interaction parameter ($chi$) and found to be from 0.98 to 1.86 mN/m depending on the molecular weight and composition. Comparing the values of the interfacial tension from the Flory-Huggins polymer-polymer interaction parameter and the values measured by oscillatory rheometer, it is suggested that the interfacial tension of the PMMA-PS blend obtained from the polymer-polymer interaction parameter are in good agreement with the values obtained by rheological measurements.