Both full and semi-interpenetrating polymer networks (IPNs) of polybutadiene and poly (methyl methacrylate) were synthesized by sequential polymerization. The effect of compositional variation and the cross-linking agent of both elastomer and plastomer on the physical, mechanical, and morphological properties were investigated. Full-IPNs exhibited improved tensile strength, modulus, tear strength, gel content, and density, whereas the corresponding semi-IPNs exhibited better toughness and elongation at break. Phase morphology of full-IPNs were characterized by compact, tight network structures compared to those of semi-IPNs.