The compatibility of binary blends of natural rubber (NR) and poly( methyl methacrylate) (PMMA) has been analysed from the viscosity behaviour. For this, the equations developed by both Krighbaum and Wall, and their modified forms by Williamson and Wright, were used. The interaction between polymers in solution has been interpreted qualitatively based on the heat of mixing (Delta H) and interaction parameter (chi(1)). Viscometry and spectroscopy studies and calculation of the heat of mixing and the interaction parameter indicated the heterogeneous nature of NR/PMMA blends. The effects of graft copolymer of natural rubber and poly( methyl methacrylate) (NR-g-PMMA) as an emulsifying agent on the interfacial properties of NR/PMMA blends were studied based on the phase separation behaviour. The demixing behaviour is found to be a function of graft copolymer concentration, mode of mixing, nature of solvent and molecular weight of homopolymers and graft copolymers. The demixing behaviour has been studied by noting the phase separation time and volume of the phase separated region. The addition of graft copolymer decreases the demixing behaviour of the blends.