In this research, the effect of maleic anhydride-grafted styrene-ethylene/butylenestyrene (SEBS-g-MAH) compatibilizer on different properties of polycarbonate and poly(acrylonitrile-butadiene-styrene) (PC/ABS) blends was investigated. For this purpose, blends of PC and ABS at different ratios, without and with varying concentrations of compatibilizer, were prepared by melt compounding in a co-rotating twin-screw extruder followed by injection molding. The effectiveness of the compatibilizer was investigated by studying the microstructure and the mechanical, thermal, and rheological properties of the blends. It was found that the addition of the compatibilizer increases tensile strength, modulus, elongation at break, impact strength, complex viscosity, and thermal stability. This effect was noted at a loading of 1 wt% of compatibilizer, where enhanced interactions between the PC and ABS can be seen. Rheological methods, based on dynamic viscoelastic tests, allowed us to distinguish between emulsion-like and cocontinuous morphologies and allowed an insight into the effect of the compatibilizer on the interfacial tension.