This research aimed to evaluate the influence of styrene–butadiene–styrene (SBS) compatibilizer in the polystyrene blends properties with a recycled styrene–butadiene rubber compound. The SBS content was 5, 7.5, and 10%. Commercial high-impact polystyrene (HIPS) was used for comparison. The results indicated that the viscosity of the blends was higher than that of HIPS. The blends compatibilized with 5 and 7.5% had the same level of impact strength as HIPS, while the one with 10% obtained a gain of 80% in relation to HIPS. The flexural strength, hardness, heat deflection temperature, and Vicat softening temperature properties were similar to those of HIPS, which was attributed to the presence of inorganic fillers, minimizing losses in these properties. By atomic force microscopy, two distinct phases were observed, and in the morphology analyzed through scanning electron microscopy, a typical characteristic of immiscible blends was observed.