This research article reports, the preparation of thermoplastic vulcanizates (TPVs) and TPV nanocomposites (TPVNs) based on EPDM and polypropylene (PP). New generation ultra-high molecular weight EPDM (UHMW-EPDM) and PP with nano-fillers (nano-clay and nano-silica) and has been studied and characterized extensively typically for automotive applications. This special type of UHM-EPDM-based TPVs exhibit superior physico-mechanical properties over conventional EPDM-based TPVs and in the presence of nano-fillers, they show even better physical properties. The TPVNs were prepared with a fixed EPDM: PP ratio and the nano fillers were varied at different concentrations. The influence of nano-fillers, especially hectorite nano-clay and nano-silica has been first explored through physico-mechanical properties. Tensile strength, elongation at break, and modulus at various strain are improved for nano-filler filled TPVNs. We have observed that due to the incorporation of nano-fillers into the TPV matrix, swelling has been decreased. From morphology (AFM, SEM) study, it is observed that the fillers are well dispersed in the TPV matrix and nano-silica fillers are well dispersed than nano-clay (hectorite). Furthermore, small-angle Xray scattering (SAXS) studies have also been pursued to get a better insight into the TPV system. These newly developed TPVs can be used as potential candidates for application in the automotive sector.