Structure–property relationship in typical polypropylene/polycarbonate/poly[styrene-b-(ethylene-co-butylene)-b-styrene] (PP/PC/SEBS) ternary blends containing maleated SEBS (SEBS-g-MAH) was investigated. Three grades of PC with different melt viscosities were used, and changes in blend morphology from PC/SEBS core–shell particles partially surrounded by SEBS-g-MAH to inverse SEBS/PC core–shell particles in PP matrix were observed upon varying the viscosity ratio of PC to SEBS. It was found that the viscosity ratio completely controls the size of the core–shell droplets and governs the type, population, and shape of the dispersed domains, as evidenced by rheological, mechanical, and thermomechanical behavioral assessments. Dynamic mechanical analysis of samples with common (PC–SEBS) and inverse (SEBS–PC) core–shell particles revealed that they show completely different behaviors: blends containing PC–SEBS presented a higher storage and loss modulus, while blends containing SEBS–PC exhibited a lower β-transition temperature. Moreover, ternary blends with PC cores showed the highest Young’s modulus values and the lowest impact strength, due to the different fracture modes of the blends containing PC–SEBS and SEPS–PC core–shell droplets, which present debonding and shell-fracture mechanisms, respectively. Morphological observations of blends with high-molecular-weight PC demonstrated the presence of detached droplets and rods of PC in the PP matrix, along with composite core–shell and rod-like particles. Micrographs of the fracture surfaces confirmed the proposed mechanisms, given the presence of stretched (debonded) PC (SEBS) cores encapsulated by SEBS (PC), which require more (less) energy to achieve fracture. The correlation between the mechanical and morphological properties proves that decreasing core diameter and shell thickness has positive effects on the impact strength but decreases the Young’s modulus.