The effects of stereo‐regularity and molecular weight of poly(lactic acid) (PLA) on ternary polymer blends was analyzed using optical clarity as the primary screening method. This enabled the ready identification of phase boundaries of optically clear and apparently miscible regions. Solvent‐mediated blends of amorphous poly(dl‐lactide) (PDLLA) and semi‐crystalline poly(l‐lactide) (PLLA) with various molecular weights from high to low, along with polycaprolactone (PCL) and cellulose acetate butyrate (CAB) were used in this study. The nature and extent of crystallinity of the blends was examined by X‐ray diffraction, which, in conjunction with differential scanning calorimetry, scanning electron microscopy, and Fourier transform infrared spectroscopy, provided information about the competition between polymer crystallization (self‐aggregating behavior) and intermixing of the macromolecules. Thus, allowing the primary physical cause of transparency loss to be identified. The results of the ternary blends optical clarity showed the position of the phase boundaries in PLLA/PCL/CAB and PDLLA/PCL/CAB blends are significantly affected by the stereo‐regularity and molecular weight of PLA. The PDLLA (amorphous) blend shows comparable regions of phase separation with high molecular weight and semi‐crystalline PLLA blends even though the molecular weight is much lower. The blends of the shorter chain PLLA1 tend to show more crystalline regions. The optical transparency, miscibility, and crystallinity of the blends are not only affected by the stereo‐regularity and molecular weight of PLA but also the crystallizable PCL, especially at high loading. These findings give useful information to the film‐packaging sector where good optical clarity is a critical performance requirement. © 2014 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2015, 132, 41780.