The effects of transesterification on the miscibility of poly(ethylene terephthalate)/poly(ethylene 2,6-naphthalate) were studied. Blends were obtained by solution precipitation at room temperature to avoid transesterification during blend preparation. The physical blends and transesterified products were analyzed by wide-angle x-ray scattering, differential scanning calorimetry, and nuclear magnetic resonance spectroscopy. It was found that the physical blends are immiscible and when the extent of transesterification reaches 50% of the completely randomized state, independent of blend composition, the blends are not crystallizable and show a single glass transition temperature between those of starting polymers. The interchange reactions were significantly influenced by annealing temperature and time but negligibly by blend composition.