By multicomponent mechanical blending technology, water‐swelling rubber (WSR) was prepared through choosing chlorinated polyethylene (CPE), a superabsorbent polymer (cross‐linking poly(sodium acrylate), CPNaAA), and compatibilizer (poly(methyl methacrylate‐co‐maleic anhydride), P (MMA‐co‐MAH)) along with other minor additives. P (MMA‐co‐MAH) was synthesized by grafting maleic anhydride (MAH) onto methyl methacrylate (MMA). Microstructure, water‐absorbent properties, and mechanical properties of WSR were investigated. The results showed that P (MMA‐co‐MAH) boosted the dispersibility between CPNaAA and CPE and led to the increase in Shore A hardness, tensile strength, tensile stress at 100%, and water‐swelling behavior, whereas the elongation at break and weight loss were decreased with P (MMA‐co‐MAH) content. When the content of P (MMA‐co‐MAH) reached 8 phr, the tensile strength, hardness, and water‐swelling ability of dry‐state WSR exhibited a maximum value and the percentage loss ratio of CPNaAA reached a relatively low value.