The aim of this study is to characterize thermoplastic elastomers (TPEs) from polypropylene and natural rubber with and without phenolic resin as a vulcanizing agent. The blends containing 40-60 wt % of polypropylene were mixed in an internal mixer and pressed with a compression molding machine. TPEs without rubber vulcanization, named as unvulcanized thermoplastic natural rubber (uTPNR) were compared to TPEs containing dynamic vulcanized rubber, referred as vulcanized thermoplastic natural rubber (vTPNR). The uTPNRs illustrated cocontinuous phase morphology, whereas the vTPNRs displayed dispersed phase of vulcanized natural rubber. Tensile properties, tear strength, thermal ageing resistance, ozone resistance, tension set, hardness and swelling test in toluene, IRM 903 oil and engine oil were carried out according to ASTM. It was found that tensile and tear strength, hardness and tension set of the uTPNRs increased with increasing polypropylene content. Dynamic vulcanization improved tensile strength, elongation at break, tension set and degree of swelling of the TPEs, whereas hardness and tear strength did not show significant change after dynamic vulcanization. The vTPNRs exhibited higher ozone resistance and swelling resistance than the uTPNRs. Reprocessability of the vTPNRs was investigated and showed that tensile strength decreased at 20 and 30% and elongation at break decreased at 13 and 27% for the first and the third reprocessing respectively.