The objective of this study is the thermoreversible crosslinking of maleated ethylene/propylene copolymer (MAn-g-EPM) using the equilibrium reaction with diols. Covalent hemi-ester crosslinks are formed via the reaction of anhydrides with alcohols, while an equilibrium shift at elevated temperatures may result in their removal. High conversions to hemi-ester are obtained at low temperatures in the presence of p-toluenesulfonic acid, whereas conversions are low at high temperatures. The presence of microphase-separated aggregates acting as physical crosslinks was demonstrated for MAn-g-EPM and all crosslinked materials. The covalent crosslinks were only formed within the aggregates, resulting in stronger aggregates that persisted to higher temperatures. The tensile strength and elasticity were significantly improved upon increasing level of crosslinking, whereas the type of diol has less influence. The covalently crosslinked MAn-g-EPM was reprocessable via compression molding at temperatures above 175 degrees C. Irreversible diester formation occurred for the longer diols, but did not prevent reprocessing, while short diols evaporated. Both effects lowered the level of crosslinking, resulting in significantly changed mechanical properties. The reprocessability does not originate from an equilibrium shift, but from a dynamic exchange between crosslinked and non-crosslinked functional groups, which allows crosslinks to disconnect and the corresponding chain segments to diffuse between aggregates. (c) 2008 Wiley Periodicals, Inc.