Natural rubber bound phenolic antioxidant, 2,6-di-tert-butyl-4-vinylphenol (2,6-DBVP), was prepared from natural rubber and 2,6-DBVP in both solution and melt state. The 2,6-DBVP had been synthesized from 3,5-di-tert-butyl-4-hydroxybenzaldehyde and methyltriphenylphosphonium iodide ($MePPh_3I$) by Wittig reaction ($0^{circ}C$ for 2 hrs, $N_2$ atmosphere). The conditions for preparation of natural rubber bound 2,6-DBVP (NR-DBVP) were optimized for both solution state (1 phr BPO and 8 phr 2,6-DBVP at $70^{circ}C$ for 2 hrs) and for melt state (1 phr BPO and 8 phr 2,6-DBVP at $70^{circ}C$ for 10 mins, with rotor speed of 60 rpm). A thermoplastic vulcanizate was obtained using a compatibilizer, polypropylene modified with phenolic resin (PhHRJ-PP), in a closed mixer ($180^{circ}C$ for 3 mins, rotor speed 60 rpm). The antioxidant properties of vulcanized NR-DBVP, using phenolic as the vulcanization system, were similar to NR with the conventional antioxidant BHT. In addition, the antioxidant, water leaching property of the thermoplastic vulcanizate of NR-DBVP/PP were good in comparison to a NR blend with BHT; the morphologies of these thermoplastic vulcanizates were similar.