The kinetics of spinodal decomposition (SD) for the binary blend poly(methyl methacrylate), PMMA, and Poly(α‐methylstyrene‐co‐acrylonitrile), PαMSAN, with 31 wt% AN content (LCST‐type phase diagram) has been thoroughly studied using a time‐resolved light scattering technique. The early stage SD was dominated by a diffusion process and can be well described within the framework of the linearized Cahn‐Hilliard theory. The spinodal temperature could be evaluated from the analysis of the early stage SD based on the Cahn theory. In addition, viscoelastic properties of this system have been systematically investigated at temperatures below and above the LCST phase diagram. The linear viscoelastic properties of the blends were found to be greatly changed by phase separation in the two‐phase regime. This change in the linear viscoelastic properties attributed to an additional contribution of concentration fluctuations to the material functions at the phase separation temperatures. The phase diagram of the blends was also estimated rheologically through the dynamic temperature ramps of G′, G″ and η*. Furthermore, the phase behavior and morphology of this system has been studied under different shear rates using simple shear apparatus and transmission electron microscopy (TEM), respectively.