Blends of natural rubber (NR) and polystyrene (PS) were prepared by melt mixing in a Brabender plasticorder and by solution casting using chloroform as the casting solvent. Earlier studies have indicated that these blends are incompatible and immiscible, and their compatibility can be improved by the addition of a graft copolymer of NR and PS (NR-g-PS). The rheological behavior of these blends has been carried out in the presence and absence of the compatibilizer using a capillary rheometer and a melt flow indexer. The effects of blend ratio, processing techniques (melt mixing versus solution casting), shear stress, and temperature on the rheological behavior have been studied in detail. Both in the presence and absence of the copolymer, the blends showed a decrease in viscosity with an increase of shear stress, indicating pseudoplastic nature. Solution-cast blends showed a higher viscosity as compared to melt-mixed blends. The viscosity versus composition curve of both melt-mixed and solution-cast blends showed negative deviation from the additivity at a higher shear rate region. This is associated with the interlayer slip between the highly incompatible NR and PS phases. The effects of graft copolymer loading and temperature on solution-cast blends were studied, and it was found that as the copolymer loading increases, the shear viscosity increases. This is due to the high interfacial interaction between the two components in the presence of the copolymer. The copolymer, in fact, locates at the interface and makes the interface more broad. However, at higher loading of the copolymer, the viscosity of the blends decreases. This may be associated with the formation of micelles, which have a plasticizing action on the viscosity of the blends. Melt elasticity parameters like principal normal stress difference, recoverable elastic shear strain, and die swell were evaluated. Master curves have been generated using modified viscosity and shear rate functions that contain the melt flow index as a parameter. The extrudate morphology of the blends was studied using a scanning electron microscope. Addition of the copolymer reduces the domain size of the dispersed phase, followed by a leveling off at a higher concentration. The leveling off is an indication of interfacial saturation. The interparticle distance also decreased followed by a leveling off at a higher loading of the copolymer.