Blends of polystyrene (PS) and polyurethane (PU) elastomer were obtained by melt mixing, using poly(styrene-co-maleic anhydride) (SMA) containing 7 wt % of maleic anhydride groups as a reactive compatibilizer. Polyurethanes containing polyester flexible segments, PU-et, and polyether flexible segments, PU-et, were used. These polyurethanes were crosslinked with dicumyl peroxide or sulfur to improve their mechanical properties. The anhydride groups of SMA can react with the PU groups and form an in situ graft copolymer at the interface of the blends during their preparation. The rheological behavior was accompanied by torque versus time curves and an increase in the torque during the melt mixing was observed for all the reactive blends, indicating the occurrence of a reaction. Solubility tests, gel permeation chromatography, and scanning electronic microscopy confirmed the formation of a graft copolymer generated in situ during the melt blending. These results also indicate that this graft copolymer contains C-C bond between SMA and PU chains.