The phase morphology and structure of thermoplastic elastomers obtained from isotactic polypropylene (iPP) and ethylene-propylene random copolymer (EPR) blends by means of the dynamic curing of EPR rubbery component carried out during its melt mixing with iPP in a Banbury mixer at 180-degrees-C were investigated. Samples obtained by compression molding and by using isothermal crystallization conditions of the iPP phase were analyzed by means of differential scanning calorimetry, of optical, scanning, and transmission electron microscopy, and of wide-angle and small-angle X-ray diffraction. The influence of cooling below the melting point and of EPR molecular structure on the kinetic and thermodynamic parameters related to crystallization process of the iPP phase was also studied. It was found that the process of dynamic curing of the EPR component dramatically affects the development of the phase morphology and structure in the material. As a matter of fact, the blend containing the uncured EPR is characterized by the presence of iPP domains randomly distributed in the EPR rubbery matrix, whereas in the blend containing the cured EPR the iPP phase becomes the continuous phase crystallizing in a structure that resembles a cobweb tending to surround the EPR cured particles; moreover such an iPP cobweb appears to be constituted by row structures of stacked lamellae. It was found that the addition of EPR phase interferes dramatically with the crystallization process of the iPP, thus inducing drastic modification in its intrinsic morphology (size, neatness, regularity of spherulites, inner structure of spherulites, etc.). Such interference was found to be comparatively stronger when the iPP phase crystallizes in presence of cured EPR. The elastic behavior of the thermoplastic elastomer material was accounted for by applying the "leaf spring model" to the morphology and structure of the iPP phase crystallized in presence of cured EPR.