The parameters which effect the cavitation strain of polymer blends toughened with a shear yield mechanism have been studied by analysis of the stress acted on the equatorial plane of dispersed-phase particles. As a result, the cavitation strain of polymer blends depends on the Young’s modulus and the Poisson’s ratio of the dispersed-phase particles and the matrix and also on the break stress of dispersed-phase particles. We tried to provide a criterion for selecting the materials used as dispersed-phase particles which can effectively enhance the toughness of polymer blends.