In order to study the dynamic mechanical properties of styrene–acrylic latex with a core/shell structure, a variety of latexes were synthesized by semi-continuous seeded emulsion polymerization based on “particle design” with the same material. The latexes were characterized by rotary viscosimeter, dynamic light scattering (DLS), Fourier transform infrared spectroscopy (FTIR), transmission electron microscope (TEM), dynamic mechanical analysis (DMA), and universal testing machine. The effects of difference at the glass transition temperature (Tg) of core and shell and the introduction of the “transition layer” on the damping and mechanical properties of latex film were studied. The results indicate that as the Tg of core and shell gets closer, the better the compatibility of core and shell, from phase separation to phase continuity. Furthermore, the introduction of the “transition layer” can effectively improve the tensile strength and tan δ (max) of the latex film. The tensile strength and maximum loss factor (f = 1 Hz) of latex with the “transition layer” increased by 36.73% and 29.11% respectively compared with the latex without the “transition layer”. This work provides a reference for the design of emulsion for damping coating.