The effect of polyamide 11 (PA11) on the thermal stability and light transmittance properties of silicone-based thermoplastic vulcanizates (TPVs) has been investigated. The blends were prepared through a dynamic vulcanization process by adding 15, 30, and 45 wt% PA11 to the silicon-based TPVs, respectively. The effect of PA11 on the dispersion of silicone rubber in the TPVs after dynamic vulcanization was characterized by a scanning electron microscope (SEM), the thermal stability of the compounds was evaluated through the changes in mechanical performance in the thermo-oxidative aging process, and the light transmittance of TPVs was measured by a haze meter. The results showed that adding PA11 to silicone-based TPVs caused a decrease in the size of the silicone rubber particles after dynamic vulcanization, resulting in improved dispersion. Due to this, by increasing the compatibility between the segments through silicone’s effective dispersion, the amount of light absorption was reduced, and the amount of light transmittance was increased. Finally, according to the results of the thermal aging test, it was found that TPVs with 30 and 45 wt% PA11, respectively, showed outstanding thermal resistance after aging at 160 °C and 168 h and did not melt down.