The dynamic mechanical properties of blends of natural rubber (NR) and the ethylene-vinyl acetate copolymer (EVA), a thermoplastic elastomer, were investigated in terms of the storage modulus and loss tangent for different compositions, using dynamic mechanical thermal analysis (DMTA) covering a wide temperature range. Mean-field theories developed by Kerner were applied to these binary blends of different compositions. Theoretical calculations were compared with the experimental small strain dynamic mechanical properties of the blends and their morphological characterizations. Predictions based on the discrete particle model (which considers one of the components as a matrix and the other dispersed as well-defined spherical inclusions embedded in the matrix) agreed well with the experimental data in the case of 30/70 NR/EVA but not in the case of 70/30 NR/EVA blends. A 50/50 blend, where a cocontinuous morphology was revealed by SEM studies, was found to be approximately modeled by the polyaggregate model (where no matrix phase but a cocontinuous structure of the two is postulated).