This paper analyzes the thermal and thermo‐oxidative degradation behavior, phase separation, melting, and crystallization of blends consisting of isotactic poly(propylene) (IPP) and poly(propylene) grafted with maleic anhydride (PP‐g‐MA). It has been established that, depending on the blend composition and crystallization/preparation procedure, the blends of IPP and PP‐g‐MA can either co‐crystallize or evidence phase separation. This conclusion has been attained by comparing the DSC results of crystallization under dynamic and isothermal conditions with X‐ray diffraction results. On the basis of the obtained results, the optimum mixing ratios have been established as 95–85 wt.‐% IPP/5–15 wt.‐% PP‐g‐MA. Thermo‐oxidative behavior has been studied by thermogravimetry and differential thermal analysis.magnified image