The copolymerization in bulk and solution of trimethylene carbonate (TMC) with adipic anhydride (AA) as well as the blending of homopolymers are described. We show experimentally that the components are not copolymerizable but partially miscible, forming a microscopic dispersion without any visible signs of phase separation. Poly(adipic anhydride) (PAA) functions as a plasticizer, permitting an increase in the erosion rate by increasing the porosity and hydration. Drug delivery from the blends was evaluated. A statistical factorial model was designed to explore the influence of three important blend parameters and their interactions, making it possible to predict the erosion and drug-release behavior of the blend matrices. The PAA:poly(trimethylene carbonate) (PTMC) ratio and molecular weight of the polycarbonate component significantly influence the drug-release performance, mass loss, and degree of plasticization. The interaction among these factors also influences the blend properties. Plasticization of PTMC enhances the drug release to an extent that is dependent on the amount of PAA used. We demonstrate that blending offers a convenient alternative to copolymerization for the preparation of polymer matrices with predictable drug delivery.