Thermoplastic elastomers (TPE) produced by dynamic vulcanization which is one of the reactive processings are generally called thermoplastic vulcanizates (TPV). TPV are polymer alloys composed of themoplastics and elastomers.The growth of demand for TPV is very high, so TPV becomes one of the majority of TPE. The manufacturing methods have been improved in order to make the cost/performance of TPV better. At first Internal mixers like Banbury mixers were used for dynamic vulcanization and recently the twin screw extruders seems to be used mainly. The twin screw extruders are more suitable for continuous production than the Banbury mixer. The performance of TPV is controlled by three main factors, the characteristic of the continuous phase polymer (thermoplastics), that of the dispersed phase polymer (elastomrers vulcanized dynamically), and the morphology. The particle size of dispersed phase is important for the mechanical properties, especially tensile strength and compression set. The smaller the dispersion size is, the better the performance is. The dispersion size is controlled by the operating condition of mixing machines.The olefinic types of TPV have been mainly produced, but now some products except the olefinic TPV are developed commercially. In the future new types of TPV will be developed by manufacturing methods improved furthermore.