Thermoplastic vulcanizates (TPVs) based on polypropylene (PP) with ethylene-octene copolymer (EOC) and ethylene propylene diene rubber (EPDM) have been prepared by co-agent-assisted peroxide crosslinking system. The study was pursued to explore the influence of two dissimilar polyolefin polymers having different molecular architecture on the state and mode of dispersion of the blend components and their influence on melt rheological properties. The effects of dynamic crosslinking of the PP/EOC and PP/EPDM have been compared with special reference to the concentration of crosslinking agent and ratio of blend components. Morphological analyses show that, irrespective of blend ratio, dynamic vulcanization exhibits a dispersed phase morphology with crosslinked EOC or EPDM particles in the continuous PP matrix. It was found that viscosity ratio plays a crucial role in determining the state and mode of dispersion of blend components in the uncrosslinked system. The lower viscosity and torque values of uncrosslinked and dynamically crosslinked blends of PP/EOC in the melt state indicates that they exhibit better processing characteristics when compared to corresponding PP/EPDM blends.