In this study, the water swellable rubber DPNR-g-PAM-g-PSt (DPP) was prepared by emulsion polymerization in a tert-butyl hydroperoxide/tetraethylenepentamine initiation system using deproteinized natural rubber (DPNR) as the substrate, acrylamide (AM) and styrene (St) as the monomers, and Brij-35 as the emulsifier. On this basis, the bentonite (BT) was added for coblending. The successful grafting of AM and St was verified by particle size, contact angle, Fourier transform infrared, 1 H-NMR, scanning electron microscope, and differential scanning calorimetry. The effects of blending with different amounts of bentonite on the mechanical properties and water absorption properties were discussed. The water swellable rubber DPP and DPP/BT prepared in this study have good prospects for applications in industry, construction, medical care, environmental protection, soil improvement, and nuclear waste treatment.