Microcrystalline cellulose (MCC) offers great potential to improve the mechanical and crystallization properties of isotactic polybutene-1 (iPB) because of its low cost, biodegradability, renewability and excellent mechanical properties. However, the compatibility of polar MCC and non-polar iPB is poor. In this study, maleic anhydride grafted polybutene (MAPB) was prepared by the solution method and was used as a compatibilizer in the fabrication of iPB/MCC composites by using a twin screw extruder. The ultimate tensile strength, tensile modulus, flexural strength, flexural modulus of the iPB/MCC composites increased by 3.1%, 16.5%, 10.7%, 6.5%, respectively, compared with that of pure iPB. With MAPB addition, these values increased by 17.2%, 31%, 17.5% and 10%, respectively, compared with that of pure iPB. The heat-distortion temperature and thermal-decomposition temperature of all composites increased with an increased MCC content. The non-isothermal crystallization of the iPB/MCC composites shows that MCC addition can promote iPB crystallization, because the non-isothermal crystallization curve of the composites moves toward a higher temperature, especially after MAPB addition. Scanning electron micrographs indicate that the compatibility of the iPB/MCC has been enhanced significantly.