Effects of chemical reactions on the properties of the polycarbonate (PC)/ liquid crystalline polymer (LCP) blends are considered here. Not only thermal and rheological behaviors, but also morphology and molecular weight change are investigated. Reactive blends were prepared in a cylindrical flask at 300 degrees C with varying processing time in the presence of a catalyst by the melt-phase reactions. For comparison, physical blends, in which chemical reactions were minimized, were also prepared at 300 degrees C in a twin-screw extruder. It seems that transesterification and repolymerization did not occur, but depolymerization reaction took place slightly in PC/LCP physical blends. In reactive blends, however, transesterification and repolymerization as well as depolymerization reaction took place simultaneously. The depolymerization reaction occurred mainly at an early stage of processing; whereas, repolymerization reaction becomes especially dominant after some time (more than 30 min) in the presence of the catalyst, which had a great impact on its molecular weight. Also, chemical reactions changed the glass transition temperature and morphology as well as rheological behavior, which resulted in the enhanced miscibility in reactive blends.