Nanoblends were obtained from poly(styrene‐co‐acrylonitrile) (SAN) as a matrix, and poly(butylene terephthalate) (PBT) was used as a nanodispersed phase. Compatibilized SAN/PBT blends were prepared by reactive extrusion, and the PBT concentrations ranged between 3 and 30 wt %. Nanoblends were obtained for up to 10 wt % PBT concentrations in the presence of the compatibilizer. With 20 and 30 wt % PBT, the extruded material presented a droplet dispersed phase. The same blends were subjected to an injection‐molding process, which provided a cocontinuous phase morphology. The influence of the concentration of the dispersed phase and the type of morphology on the mechanical behavior of tensile test, flexural test, impact test, and deflection temperature of the blends was analyzed. The results show an important reduction in the particle size of the dispersed phase, which was due to the presence of the compatibilizer. Furthermore, the type of morphology and an excess of compatibilizer exerted a stronger influence on the mechanical properties than the particle size of the dispersed phase. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 45030.