Three-component composites consisting of polypropylene (PP) matrix, poly(vinyl butyral) (PVB) modifier, and mica filler at various ratios of matrix to modifies and a constant mica content (30 wt %) were prepared by using two different kinds of PVB, viz., PVB and PVB-P. By correlating with the morphology, the dynamic mechanical and mechanical properties of the composites are studied in detail. PVB component in PP/PVB/mica composites cannot display a reinforcing effect to PP/mica binary composites, while impact strength of the composites are reduced further. It associates with incompatibility between PP and PVB, and as well as higher glass transition temperature of PVB. For PP/PVB-P/mica composites, stiffness decreases and, meanwhile, impact strength increases when PVB-P content is 7 wt %. The improvement of impact strength on PP/mica binary composites at the composition is due to a little affinity between the PP matrix and the plasticizer of PVB-P. Moreover, a minor amount of PP-g-MA in the 63/7/30 PP/PVB/mica composites only acts as an adhesion promoter.