Ultrafiltration techniques have particular advantages for simultaneous purification, concentration, and fractionation of macromolecules. A comparative study is presented on novel ultrafiltration polymeric blend membranes based on cellulose acetate (CA) prepared in the absence and presence of polymeric additives such as polyethylene Glycol 200 (PEG) and polyvinylpyrrolidone (PVP) by phase inversion technique using N,N'-dimethylformamide (DMF) as solvent. Polymer blend composition, additive concentration and casting, and gelation conditions were standardized for the preparation of asymmetric membranes by pore statistics and morphology. These blend membranes were characterized for compaction in ultrafiltration experiments at 414kPa pressure in order to attain steady state flux and is reached within 4-5h. The pure water flux was measured at 345kPa pressure. Membrane hydraulic resistance derived by measuring water flux at various transmembrane pressures and found to be inversely proportional to pure water flux. Water content is estimated by simple drying and weighing procedures and found proportional to pure water flux for all the membranes. The molecular weight cut-offs (MWCOs) of different membranes were determined with proteins of different molecular weights and found to vary from 20 to 69 kDa depending on the PEG 200 and PVP content in the blend in the casting solution. Skin surface porosity of the membranes was analyzed by scanning the samples at various magnifications. The characterized CA, CA/PEG200 and CA/PVP membranes were used for cadmium ion rejection studies at 345kPa.