In this work, ground tire rubber (GTR) was thermo-mechanically treated in the presence of styrene-butadiene-styrene (SBS) copolymers. During preliminary investigation, the effects of different SBS copolymer grades, the variable content of SBS copolymer on the Mooney viscosity, and the thermal and mechanical properties of modified GTR were determined. Subsequently, GTR modified by SBS copolymer and cross-linking agents (sulfur-based system and dicumyl peroxide) was characterized by assessment of rheological, physico-mechanical, and morphological properties. Rheological investigations showed that linear SBS copolymer, with the highest melt flow rate among studied SBS grades, was the most promising modifier of GTR, considering processing behavior. It was also observed that an SBS improves the thermal stability of the modified GTR. However, it was found that higher content of SBS copolymer (above 30 wt%) does not bring any effective changes and, for economic reasons, is inefficient. The results showed that samples based on GTR modified by SBS and dicumyl peroxide have better processability and slightly higher mechanical properties compared to samples cross-linked by a sulfur-based system. This is due to the affinity of dicumyl peroxide to the co-cross-linking of GTR and SBS phases.