A new type of thermoplastic vulcanizates (TPV) that is resistant to hot oil, high temperature, and aging was prepared using acrylate elastomer (ACM) and polyoxymethylene (POM) as raw materials. The phase transition process and micromorphology development of the blends with the change of dynamic vulcanization (DV) time, and to illustrate the effects of the phase transition and the degree of elastomer phase crosslinking on the macroscopic properties of TPV were investigated. It was shown that ACM crosslinking occurs continuously during 0–8 min of DV, whereas the phase inversion process occurs predominantly during 0–3 min. In contrast, the cross‐section of the blends after phase inversion is flat, The constant elongation stress under small deformation, hardness, and permanent deformation after break are reduced, and the elongation at break, nonrelaxable modulus, and aging resistance are improved. The increase in the degree of vulcanization of the ACM phase resulted in a significant increase in the modulus of the blends under large deformation, an increase in the nonrelaxable modulus and relaxable modulus, an increase in the aging resistance, and a decrease in the elongation at tear were observed.