The melt blending of polylactic acid (PLA) and thermoplastic silicone polyurethane (TPSiU) elastomer was performed to toughen PLA. The molecular structure, crystallization, thermal properties, compatibility, mechanical properties and rheological properties of the PLA/TPSiU blends of different mass ratios (100/0, 95/5, 90/10, 85/15 and 80/20) were investigated. The results showed that TPSiU was effectively blended into PLA, but no chemical reaction occurred. The addition of TPSiU had no obvious effect on the glass transition temperature and melting temperature of PLA, but slightly reduced the crystallinity of PLA. The morphology and dynamic mechanical analysis results demonstrated the poor thermodynamic compatibility between PLA and TPSiU. Rheological behavior studies showed that PLA/TPSiU melt was typically pseudoplastic fluid. As the content of TPSiU increased, the apparent viscosity of PLA/TPSiU blends showed a trend of rising first and then falling. The addition of TPSiU had a significant effect on the mechanical properties of PLA/TPSiU blends. When the content of TPSiU was 15 wt%, the elongation at break of the PLA/TPSiU blend reached 22.3% (5.0 times that of pure PLA), and the impact strength reached 19.3 kJ/m2 (4.9 times that of pure PLA), suggesting the favorable toughening effect.