Now a days, rubbers and plastics are widely used in wide variety of t applications and this is why the recent decades are sometimes called the “Plastic Age”. However, their waste are non-biodegradable and remain long period of time in environment cause hazardous negative impacts. Polymer recycling is the only remedial measure currently available to reduce the environmental impacts. Thermoplastic Elastomers are novel constructional polymers, which are physically cross linked materials made up of a Thermoplastic and Elastomer. In present study, Recyclable Polyethylene was blended with Natural Rubber in different proportions using two roll mill and semi-automatic compression moulding machine at 185°C. The main aim of this study was to investigate the effect of blend ratio on physical, thermal, mechanical, rheological properties of PE/NR blends. The result showed that, when rubber content in the blend increases, the tensile strength and modulus decreases. But they shows excellent elongation, flexural strength and impact resistance, which is widely used in many fields like automotive, construction, electrical appliances etc. The study also proved that the blend with high Natural Rubber content had low Melt Flow Index and Vicat Softening Temperature than the blend with low Natural Rubber. The obtained results recommend that PE/NR blend can be used for environmental remediation from postconsumer PE wastes and to realize new goods with high performance for various applications