The structure and rheological properties of binary blends of polycarbonate (PC) and polystyrene (PS) were investigated using various PS samples with different molecular weights, namely PS1k (Mw = 1,000), PS53k (Mw = 53,000), and PS240k (Mw = 240,000). The blends with PS53k and PS240k show phase‐separated structures, whereas the blend with PS1k is miscible. The shear viscosity decreases greatly on addition of PS53k and PS240k, especially at high shear rates, which would be a great advantage at processing operations. Because the nonlinear response occurs in the small strain region for multilayered films of PC and PS240k, the origin of the significant viscosity drop for the phase‐separated system is interfacial slippage at the phase boundary.