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Methyl vinyl silicone rubber (MVQ)/thermoplastic polyurethane (TPU) blend thermoplastic vulcanizate (TPV) was prepared by dynamic vulcanization. The effects of type and amount of compatibilizers on mechanical properties and rheological properties of TPV were investigated. The results showed that the mechanical properties of TPV increased firstly and then decreased with the increase of compatibilizer amount. The mechanical properties of TPV were better when polyolefin elastomer grafted maleic anhydride (POE-g-MAH) was used as compatibilizer compared to ethylene acrylic copolymer and ethylene and vinyl acetate block copolymer. And all three kinds of compatibilizers could improve the compatibility of MVQ phase with TPU phase in TPV. When the amount of POE-g-MAH was 6 phr, the glass transition temperature of MVQ phase and TPU phase in TPV was the closest, the interface between the two phases was blurred and the capacitance effect was the best.