Blends of bacterial poly((R)-3-hydroxybutyrate) (PHB) and poly(l-lactic acid) (PLLA) synthesized by polycondensation of l-lactic acid or by ring-opening polymerization of l-lactide were studied. Miscibility was investigated through both conventional differential scanning calorimetry (DSC) and temperature-modulated DSC (TMDSC). PHB and low-molar mass PLLA were miscible in a whole concentration range, and a single glass transition temperature was observed. On the other hand, PHB/high-molar mass PLLA mixtures phase separate, giving rise to two glass transition temperatures corresponding to PHB and PLLA. A treatment of blends at 190 °C leads to formation of block/multiblock/random copolymers, and blends become miscible.