In this work, thermoplastic elastomers were prepared based on low-density polyethylene (LDPE) and ground tire rubber (GTR). To improve the adhesion and achieve better rubber-like properties, ethylene vinyl acetate copolymer (EVA) was selected and used as a compatibilizer. The GTR and EVA content were varied between 0-45 and 0-20 wt%, respectively. Blends with different composition were produced from the raw materials on a twin screw extruder. Tensile and instrumented failing weight impact (IFWI) specimens were injection molded from the granulated blends. Injection pressure and the shrinkage of the IFWI specimens were measured. Besides the tensile and IFWI tests, the cut cross-sections were inspected with a scanning electron microscope. Based on the results, it can be stated that the application of EVA as a compatibilizer is essential for even lower weight percentage to ensure the rubber-like properties, but as the EVA content is increased, only less additional improvement can be detected.