The competing effects of glass transition temperature (T g ) and compatibility on the low temperature Izod impact toughness of styrene-acrylonitrile copolymer/ acrylonitrile-styrene-acrylate terpolymer (SAN/ASA, 75/25, w/w) blends were investigated by using a series of hydrogenated nitrile butadiene rubbers (HNBRs) with different acrylonitrile (AN) contents. The results showed that the HNBR with AN mass content ranging from 21% to 43% had good compatibility with polymer matrix and exhibited dramatic toughening effect at 25 C. Owing to their low T g s, only the HNBRs (AN = 21% and 25%) remained favorable toughening effect at 0 and −30 C, respectively. Furthermore, the HNBR with 0% AN content was represented by butadiene rubber (BR). Although, BR has an extremely low T g (−94.5 C), it is incompatible with polymer matrix, and then could not toughen the material at three temperatures (−30, 0, and 25 C, respectively). Various characterizations including solubility parameters, scanning electron microscopy (SEM), dynamic mechanical thermal analysis (DMTA), Fourier transform infrared (FTIR) spectroscopy, and so on were carried out to elucidate the toughening mechanism.