The use of polyamide/polyolefin blends has gained importance and concern for years, but they also show some issues to be adequately addressed, such as the incompatibility between the two components. This is usually overcome by using suitable compatibilizers, typically based on functionalized polyolefins. However, there is only little information about the use of a degraded polyolefins to induce compatibilization. This is even truer, as far as polyamide 6/polypropylene (PA6/PP) blends are concerned. In this work, compatibilization of PA6/PP blends by using small amounts of photo-oxidized PP was investigated; furthermore, the effects due to the presence of the photo-oxidized PP were studied also in relationship to the spinning operation, where the existence of the non-isothermal elongational flow can lead to significant, further morphological changes. It was found that isotropic samples showed significant enhancements of the tensile properties upon adding the photo-oxidized PP. Under non-isothermal elongational flow conditions, the presence of the photo-oxidized PP was particularly effective in improving the mechanical properties in comparison to the uncompatibilized blend fibers. Furthermore, an important result was found: The elongational-flow processing allowed obtaining anisotropic samples where the improvements of the properties, in comparison to the isotropic samples, were similar to those achieved by using a compatibilizer.