The rheology, morphology, and mechanical properties of blends of high-density polyethylene (HDPE) with a semiflexible liquid crystalline copolyester (SBH) were studied in order to assess the compatibilizing ability of added PE-g-SBH copolymers, and its dependence on the molar mass of the PE matrix, and on the technique used for blend preparation. The PE-g-SBH copolymers were synthesized as described in previous articles, either by the polycondensation of the SBH monomers in the presence of a functionalized PE sample containing free carboxyl groups, or by reactive blending of the latter polymer with preformed SBH. Two samples of HDPE having different molar masses, and two samples of SBH with different melt viscosity and different microstructure, were used for preparing the blends. The two components and the compatibilizer were either blended in a single batch or used to prepare binary master blends to which the third component was added at a later stage. The results indicate that the PE-g-SBH copolymers do, in fact, compatibilize the PE-SBH blends and that the effect is more pronounced with the lower molar mass PE matrix and with the SBH sample having lower viscosity. The experiments carried out on blends prepared with different techniques show that the compatibilizing ability of the graft copolymer is improved if the latter is first blended with either of the two main components.