Poly(styrene-co-acrylonitrile) (SAN), of which the content of acrylonitrile (AN) repeating unit is 32 wt % (SAN32), was blended with poly(butadiene-co-acrylonitrile) (NBR). The effects of AN repeating unit content in NBR on the miscibility, morphology, and physical properties of SAN32/NBR (70/30 by weight) blends were studied. Differential scanning calorimetry and the morphology observed by transmission electron microscopy showed that the miscibility between SAN32 and NBR was increased as the AN content in NBR was increased up to 50 wt %. The impact strength and some other mechanical properties of the blends had the maximum value when the AN content in NBR was 34 wt %. In the measurement of viscoelasticity at melt state, SAN32/NBR blends showed yield behavior at low shear rate, and this behavior was most evident when the AN content in NBR was 34 wt %.