Blends of styrene butadiene rubber (SBR)/methyl-vinyl silicone rubber (MVQ) filled with dough molding compound (DMC) were prepared and the effects of various amounts of the SBR, as a compatibilizer of MVQ and DMC, on the mechanical properties and the oxygen index of the DMC filled SBR/MVQ blends were investigated. Dynamic mechanical analysis (DMA) and infrared spectrum analysis (IR) of the DMC/SBR/MVQ blends were also investigated. The results showed that the mechanical properties of the DMC filled MVQ blends were improved when SBR was used as a compatibilizer; the best mass ratio was 60 phr (parts per hundred total rubber) DMC, 25 phr SBR and 75 phr MVQ. The volume electric resistivities of the DMC filled SBR/MVQ blends with various DMC mass ratios were all above 5.8 × 1012 Ω•m; i.e., the electrical insulating property of the blends was excellent. Compared with the blends without DMC and the blends without SBR, the energy storage modulus and the peak area of the loss factor tan δ of the DMC reinforced SBR/MVQ blends were largest; the addition of DMC and SBR improved the thermal properties of the blends.