Abstract: The relationship between structure and property of HPVC/CPE thermoplastic elastomer was studied in this paper. The mechanical properties of different degree of polymerization PVC and their modified systems were researched in which HPVC was used as thermoplastic elastomer matrix. PVC with high degree of polymerization (HPVC) is considered to be a good matrix and satisfactory effect of HPVC/CPE made by dynamic vulcanization can be achieved.