ABSTRACTMelt rheological properties of PBT/SEBS and PBT/SEBS/SEBS‐g‐MA blends at SEBS volume fraction (Φd) = 0.00–0.38 were studied at 240°C, 250°C and 260°C using a capillary rheometer. The compatibilizer SEBS‐g‐MA addition resulted in significant reduction in the dynamic interfacial tension which in turn led to increased phase adhesion. The power law exponent n decreased with increasing Φd and increasing temperature for both the compatiblized and uncompatiblized blends. The consistency index of PBT/SEBS increased with increasing Φd but were smaller than those of PBT/SEBS/SEBS‐g‐MA blends. Melt elasticity such as die swell and first normal stress difference increased with Φd. Variations of first normal stress coefficient function (ψ1), recoverable shear strain (γR), relaxation time (λ), and shear compliance (Jc) values versus shear rate were analyzed. © 2014 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2015, 132, 41402.