The particle size of polybutadiene (PB) particles can be effectively controlled through polymer agglomeration. However, up to now, the impact of the particle size and concentration of agglomerated PB on the mechanical properties and rheological behavior of ABS terpolymer remains unclear. Our research described here studied the effect of the particle size and content of agglomerated PB on the mechanical and rheological properties of ABS. It was found that the impact strength of ABS with a bimodal size distribution of PB (67/452 nm) exceeded that of ABS with a unimodal PB size distribution within the PB content range studied. Furthermore, the impact strength of the ABS containing 319 nm PB above the brittle-toughness transition point was greater than that of other ABS containing unimodal PB at the same PB content. For ABS with a unimodal PB distribution, the PB contents of ABS containing 220, 319, and 415 nm PB at the brittle ductile transition point were 14%, 12%, and 16%, respectively. The tensile strength and melting index of the ABS containing different particle sizes of agglomerated PB decreased linearly with the increase of PB content. Rheological tests showed the viscosity and dynamic viscoelastic properties of the ABS blends. All ABS exhibited shear-thinning behavior, and the addition of PB content resulted in more elastic than viscous behavior in the ABS blends. At the same angular frequency (ω), higher PB content corresponded to greater complex viscosity in the ABS blends. In addition, as the PB content in ABS was increased, it exhibited more solid-like behavior. This study, we suggest, provides a good insight into the effect of agglomerated PB on the ABS/PB blend properties and explores practical applications for the polymer agglomeration of polybutadiene latex (PBL).