New bio-based diblock copolymers were synthesized from poly(lactic acid) (PLA) and natural rubber (NR). NR polymer chains were modified to obtain hydroxyl telechelic natural rubber oligomers (HTNR). Condensation polymerization between PLA and HTNR was performed at 110 C during 24 or 48 h. The molecular weight of PLA and HTNR and the molar ratio PLA : HTNR were varied. The new ester linkage in the diblock copolymers was determined by 1 H-NMR. The molecular weight of the diblock copolymers determined from SEC agreed with that expected from calculation. The thermal behavior and degradation temperature were determined by DSC and TGA, respectively. The diblock copolymers were used as a toughening agent of PLA and as a compatibilizer of the PLA/NR blend. PLA blended with the diblock copolymer showed higher impact strength, which was comparable to the one of a PLA/NR blend. The former blend showed smaller dispersed particles as showed by SEM images, indicating the increase in miscibility in the blend due to the PLA block. The compatibilization was effective in the blends containing 10 wt % of rubber. At a higher rubber content (>10 wt %), coalescence of the NR and diblock copolymer was responsible of the larger rubber diameter in the blends, which causes a decrease of the impact strength.