The low glass transition temperature (Tg) and narrow effective damping temperature range (EDTR) greatly restrict the application of common vulcanized rubbers in fields relating to high temperature environmental condition due to the greatly reduced damping performances. In this work, phenolic resin (PR) was incorporated into nitrile rubber/ethylene–vinyl acetate (NBR/EVM) blends through melt-compounding processing, and the microstructure and damping performance changes induced by PR were comparatively investigated. The results show that PR induces the phase separation of the blends and most of PR particles selectively locate in the NBR component. Molecular dynamics simulation confirms that more hydrogen bonds form in the ternary blends, and reduced free volume fraction is also achieved. The ternary blends show good high-temperature damping performances, and apparently enhanced Tg (up to 17.7 °C) and EDTR (82.6 °C, from −2.6 to 80 °C) are also achieved. Additionally, the ternary blends exhibit good mechanical properties, including higher ductility and larger fracture energy, and better energy dissipation ability. This work provides an alternative resolution way to enhance the damping performances of the common vulcanized rubbers at high temperatures.