A styrene-butadiene-styrene triblock copolymer (SBS) was grafted with polyoxyethylene via a ring-opening reaction of an epoxidized styrene-butadienestyrene triblock copolymer (ESBS) with monocarboxylic-group-terminated methoxypoly(ethylene glycol) (CMPEG). The latter was prepared through the esterification of methoxypoly(ethylene glycol) with maleic anhydride. The optimum conditions for the preparation of the graft copolymer were studied. The graft copolymer was characterized with Fourier transform infrared spectrophotometry. Its water absorbency, oil absorbency, emulsifying property, phase-transfer catalysis property in the Williamson solid-liquid reaction, and use as a compatibilizer in the blending of SBS with oil-resistant chlorohydrin rubber (CHR) were also studied. The optimum conditions were a CMPEG/epoxy group molar ratio of 1.5, an N,N-dimethyl aniline/ESBS concentration of 5 wt %, and an ESBS concentration of 12-14 g/100 mL at 75-80 degrees C for 10 h. The polyoxyethylene content could reach 0.27 mmol/g. The graft copolymer absorbed a certain amount of water, fairly resisted kerosene, and possessed good emulsifying and phase-transfer catalysis properties, both of which were enhanced with increasing polyoxyethylene graft content. The graft copolymer could be used as a compatibilizer for a blend of SBS and CHR. A 3 wt % concentration of the graft copolymer based on a 50/50 blend could increase both the tensile strength and ultimate elongation of the blend about 1.7 times. The blend behaved like an oil-resistant thermoplastic elastomer. Scanning electron microscopy demonstrated the improved compatibility of the two components by the graft copolymer. (C) 2007 Wiley Periodicals, Inc.