Polymer modification processes based on simple mechanical mixtures of two or more polymers originated a new class of materials called polymer blends. The performance of polymer blends depends on the properties of each polymer in the blend, their content, and morphology. Polymer blends can be classified into the following categories: immiscible polymer blends, miscible polymer blends, compatible polymer blends, and compatibilized polymer blends. The chapter discusses a brief sampling of the most important techniques used to study blend microstructure. Then, it discusses preparation of polymer blends, which has been done by different types of machinery that includes internal mixers, such as single- or multishaft mixers, and extruders, such as single or twin-screw extruders. Other topics discussed are factors influencing the morphology of a polymer blend, and properties and application of polymer blends.