In this investigation, a gamma radiation‐induced methacrylic acid (MAA)‐grafted ethylene‐propylene‐diene elastomer (EPDM) was used as a third component (g‐EPDM) in silicone rubber (SiR)/ethylene‐propylene‐diene elastomer (EPDM) blends. These blends were electron beam (EB) crosslinked. The effect of blend composition, the presence of g‐EPDM, and EB crosslinking on the mechanical, heat shrinkability, electrical, and morphological properties of SiR/EPDM blends have been studied. To investigate the effect of grafted EPDM (g‐EPDM), 10 wt % of g‐EPDM was added to immiscible SiR/EPDM blends. Both silicone and EPDM are blended in different proportions (70:30 and 30:70) with and without g‐EPDM followed by compression molding. To improve the properties and investigate the crosslinkability of binary and ternary blends further, the SiR/EPDM blends were irradiated by electron beam at different doses (50, 100, and 150 kGy). The gel content was found to increase with EPDM content, the presence of g‐EPDM, and radiation dose. The addition of g‐EPDM led to improvement of tensile properties (tensile strength, Young's modulus, percentage elongation, and toughness), electrical properties, and shrinkability of blends. EB crosslinking further enhanced the above properties. Surface morphology (SEM) revealed that the presence of g‐EPDM and the incorporation of EB crosslinking improved the above properties of blends. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 47787.