The SEBS/PP thermoplastic vulcanizates (TPVs) were prepared by melt blending. Di‐tert‐butyl peroxide (DTBP) was used as the curing agent in combination with trimethylopropane trimethacrylate (TMPTMA) and poly(styrene‐b‐butadiene‐bstyrene) (SBS) as the coagents for the curing process. The synergistic effect of TMPTMA and SBS on the structure and properties of TPVs was studied by means of FT‐IR, DSC, torque rheometer, and universal testing machine. Both SEBS and PP crosslinked and the network structure formed under the participation of TMPTMA and SBS. Compared with the sole addition of the coagent, simultaneous loading of both TMPTMA and SBS could provide the TPVs with better solvent‐resistance and excellent mechanical properties. The crosslinking mechanism of the TPVs was also proposed. The slight lower value of Tm for the TPVs indicated the improved miscibility between PP and SEBS due to the crosslinking reaction. © 2016 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 44392.