Syndiotactic polypropylene (sPP) was modified with ethylene–octene copolymer (EOC) and ethylene–propylene rubber (EPR), with test samples prepared in a twin-screw extruder and then injection-molded. The phase morphology, rheology, and thermal and tensile properties of the modified sPP were investigated. Atomic force microscopy studies showed how the phase morphology of the sPP blends with elastomers depended on the blend compositions, and the results compared with the storage modulus at low frequency. EOC and EPR were dispersed phase in an sPP matrix with spherical shapes when the dispersed content was 20 wt % or lower. The phase cocontinuity started around 40 wt % EOC for the sPP–EOC blends and around 60 wt % EPR for the sPP–EPR. The dispersed phase then formed more complex elongated shapes. The rheological and thermal properties were affected by the sPP–elastomer interphase. EOC promoted the crystallization of sPP; this increased the crystallization temperature and rate. In contrast, EPR had the opposite effect on the crystallization behavior, and the results indicate that sPP and EPR were not completely separated. The tensile properties were studied from −20 to 100 °C. We found that the tensile properties at low temperature could be improved without a loss in high-temperature properties. In the particular case of 20 wt % EOC, both the strain at yield and strain at break of the sPP–EOC blend were improved at both −20 and 100 °C.