Using the comb copolymer PVDF‐g‐AAc as a compatibilizer, five reactively compatibilized PVDF/TPU blends with different compositions were prepared. During melt blending, the carboxylic acid groups of PVDF‐g‐AAc react with the urethane linkages of TPU to generate the graft copolymers PVDF‐g‐AAc‐g‐TPU, which lead to compatibilization of the PVDF/TPU blends. The rheological behavior of the compatibilized PVDF/TPU blends can be described by a generalized Zener model. PVDF/TPU 50/50 and PVDF/TPU 30/70 blends show a particle network structure, indicating elastic interactions between the grafted shells of compatibilized PVDF domains. SEM shows that almost all compatibilized PVDF/TPU blends exhibit a dispersion‐type morphology. magnified image