To improve the impact resistance and reduce the product cost, poly(lactic acid) (PLA) blends containing varying mass fraction of waste rubber powder (WRP) were fabricated via melt compounding. The effects of WRP contents on the mechanical properties, morphologies and thermal stabilities of PLA/WRP blends were investigated. Mechanical tests showed that WRP could increase the ductilities of PLA, leading to the significant improvements in the impact toughness and elongation at break. In contrast, the tensile strength was just heightened slightly, while elastic modulus declined gradually. Scanning electron microscopy observations indicated that well bonded interfacial morphologies were formed between PLA and WRP. From the results of thermo gravimetric analysis, WRP decreased the onset and peak decomposition temperatures of PLA phase and increased the char contents of samples significantly. Average activation energies of samples were increased first and then decreased with increasing WRP. Finally, theoretical lifetimes of PLA/WRP blends were also estimated.