In this study, structural developments of polypropylene / ionomer / clay ternary composites were investigated depending on the dispersion and localization of clay. The changes in physical properties were observed adding organoclays 1~10wt% to 90% polypropylene and 10% ionomer blends. The organoclays were localized inside of the dispersed phase under the composition of 3wt%, however, over that composition, clay particles formed stiff network structure in the dispersed phase and additional clays were localized at the interface between two phases. According to the developments of microstructure, the interaction of ternary composites changed from polypropylene-ionomer to polypropylene-ionomer and ionomer-clay which affected rheological properties. The storage modulus (G’) of the composites was similar to the blends when clays were localized inside of dispersed phase but increased when clays were localized at interface. Also, the fractured morphology of the composites showed phase boundary and growing radius of dispersed phase depending on addition of fillers when clays were found inside. However, when fillers found at the interface between blends, the radius of the dispersed phase decreased and compatibilized morphology were observed. The interfacial interaction of the ternary composite was quantified depending on the structural development of dispersed phase and localization of clay particl es by the rheological properties. The interaction of composites at solid state which was measured through peel adhesion strength increased by growth of interfacial interaction of each component. Furthermore, the crystallinity of the composites was decreased when the clay particles were localized at the interface.