In this work, an impact copolymer polypropylene (ICPP) was separated into 4 fractions, A, B, C, and D. The phase structure, thermal behavior, and crystalline morphology of the ICPP and its 4 fractions were studied thoroughly using scanning electron microscopy (SEM). Dynamic mechanical analysis (DMA), differential scanning calorimetry (DSC), and polarized light microscopy (PLM). Results of SEM and DMA show that ethylene-propylene rubber (EPR) and part of the ethylene-propylene segmented copolymer disperse as toughening particles in the ICPP. The size and size distribution of these particles are determined by chain structure of the fractions of ICPP. From fraction A to fraction D, the morphology changes from noncrystalline to semicrystalline gradually, as shown by DSC. DSC results also indicate that thermal behavior of the ICPP agrees greatly with its chain structure. PLM demonstrates that it is difficult for the ICPP to grow perfect spherulites, that is, partially, because the matrix of ICPP, fraction D, has defects in its macromolecular chain. Another cause is that there is a good compatible structure in the ICPP and so the noncrystalline component (including all fractions) hinders the growth of the spherulite.