The effects of ultrasonic oscillations on the rheological behavior, mechanical properties, and morphology of high-density polyethylene (HDPE)/polystyrene (PS) blends were studied. The experimental results show that the die pressure and apparent viscosity of HDPE/PS blends are remarkably reduced in the presence of ultrasonic oscillations and that mechanical properties of the blends are improved. The particle size of the dispersed phase in HDPE/PS blends becomes smaller, its distribution becomes narrower, and the interfacial interaction of the blends becomes stronger if the blends are extruded in the presence of ultrasonic oscillations. Ultraviolet spectra and Soxhlet extraction results show the formation of a polyethylene-PS copolymer during extrusion in the presence of ultrasonic oscillations, which improves the compatibility of HDPE/PS blends.