The graft terpolymerization of methyl vinyl ketone (MVK) and styrene (St) onto ethylene-propylene-diene terpolymer (EPDM) was carried out under various polymerization conditions. The synthesized graft terpolymer, MVK-EPDM-St (MVES), was identified by infrared (IR) spectroscopy. The effects of monomer concentration, mole ratio of MVK to St, reaction time, reaction temperature, and initiator concentration on the graft terpolymerization were examined. Upon UV irradiation in the presence of oxygen, the MVES-containing carbonyl group showed photodegradable properties caused by Norrish type II reaction. The new IR characteristic peaks, such as carbonyl, vinyl, and hydroxy groups of the photodegraded MVES, increased with increasing UV irradiation time. The tensile strength and elongation at break of MVES after UV irradiation were lower than those of before UV irradiation. The color difference of the irradiated MVES was higher than that of EPDM.