In rubber toughening of thermoplastics, core/shell polymers have been used extensively. This work introduces the synthesis and characterization of polybutadiene based core/shell latex particles with controlled particle size and crosslinking density of the core. A lithium soap recipe was employed to prepare a series of poly(butadiene-stat-styrene) (90/10 by wt) core particles by conventional emulsion polymerization through a batch process. The shell polymer, poly(styrene-stat-acrylonitrile) (72/28 by wt), was polymerized by a semicontinuous process in the presence of the core particles to form a core/shell morphology. The effects of initiator concentration, monomer feeding rate, core/shell ratio, and gel-fraction of the core on the core/shell particle morphology were studied. The degree of grafting of the shell polymer on the core particles was determined as well. The morphology and glass transitions of these particles were characterized by transmission electron microscopy, differential scanning calorimetry, and dynamic mechanical spectroscopy. These latex particles can be used specifically in toughening polycarbonate.