High-density polyethylene (HDPE) and isotactic polypropylene (PP) were mixed either with a stabilizer or with a stabilizer and a compatibilizer in different mixing ratios. The structure and properties of these blends were analyzed by methods such as torsion pendulum measurements, mechanical short time experiments, electron microscopy, and fracture mechanical toughness tests. The results display a strongly increased impact strength in the HDPE/PP blend with compatibilizer within a specific mixing region. The deformation behavior and the mechanism leading to the increased impact strength of the blends were investigated in tensile tests by acoustic emission analysis and scanning electron microscopy: Increased fibrilation and strong strain was registered in the blend with compatibilizer. The impact strength was modeled, using experimentally measured properties such as energy release rate, matrix and inclusion volumes, the impact strength of each component. The inclusion volume that causes plastic deformation was chosen as an additional parameter. The calculated results are in good agreement with the experimental ones.