Because of the chemically crosslinked 3D molecular structure of rubbers, their recycling is a challenging task, especially when cost efficiency is also considered. One of the most straightforward procedures is the grinding of discarded rubber products with subsequent devulcanization. The devulcanized rubber can be used as a feedstock for fresh rubber compounds or can be blended with uncured virgin rubber and thermoplastic polymers to form thermoplastic dynamic vulcanizates (TDVs). TDVs combine the beneficial (re)processability of thermoplastics and the elastic properties of rubbers. Our current work focuses on the development of polypropylene (PP)-based TDVs with the use of a tire model rubber (MR) composed of natural rubber (NR) and styrene-butadiene rubber (SBR) in a ratio of 70/30. The research target was the partial substitution of the above fresh MR by microwave devulcanized crumb rubber (dCR). TDVs were produced by continuous extrusion, and the effects of composition (PP/MR/dCR = 40/60/0…50/35/15) and processing parameters (different screw configurations, temperature profiles, the feeding method of PP) were investigated. Results showed that the fresh rubber compound can be replaced up to 10 wt % without compromising the mechanical properties of the resulting TDV.