In this work, the systematic investigation of the influence of two compatibilizers added individually or together in 80/20 (wt/wt) polypropylene (PP)/acrylonitrile butadiene styrene (ABS) blends in the presence of carbon black (CB) are investigated. The compatibilizers used are PP-grafted maleic anhydride (PP-g-MA) and styrene-ethylene, butylene-styrene-grafted maleic anhydride (SEBS-g-MA). All the composition shows the formation of matrix-droplet morphology. The addition of both PP-g-MA and SEBS-g-MA in 80/20 (wt/wt) PP/ABS blends refines the morphology significantly as compared to 80/20 (wt/wt) PP/ABS blend in presence and absence of PP-g-MA and SEBS-g-MA individually. The average droplet diameter and interparticle distance of all the compositions were measured and correlated with crystallinity and mechanical properties of CB-filled and PP-g-MA/SEBS-g-MA-compatibilized 80/20 (wt/wt) PP/ABS blends. In addition, crystalline behaviour is correlated with the mechanical properties of CB-filled and PP-g-MA/SEBS-g-MA-compatibilized 80/20 (wt/wt) PP/ABS blends. The addition of CB up to 5 wt.% in both PP-g-MA and SEBS-g-MA in 80/20 (wt/wt) PP/ABS blends refines the morphology significantly as compared to 80/20 (wt/wt) PP/ABS blend in presence and absence of PP-g-MA and SEBS-g-MA individually. Solution experiments, interfacial tension and free wetting enthalpy calculations were done to understand the localization of CB in one phase of PP/ABS blends. Further, the addition of CB in 80/20 (wt/wt) PP/ABS blends in the presence of PP-g-MA and SEBS-g-MA added individually or together shows improved thermal stability as compared to neat blends.