Development of multi-component blends to prepare high-performance polymer materials is still challenging, and is a key technology for mechanical recycling of waste plastics. However, a multi-phase compatibilizer is prerequisite to create high-performance multi-component blends. In this study, POE-g-(MAH-co-St) and SEBS-g-(MAH-co-St) compatibilizers are prepared via melt-grafting of maleic anhydride (MAH) and styrene (St) dual monomers to polyolefin elastomer (POE) and poly [styrene-b-(ethylene-co-butylene)-b-styrene] (SEBS), respectively. Subsequently, these compatibilizers are utilized to compatibilize the PA6/PP/ABS/SEBS quaternary blends through melt-blending. When POE-g-(MAH-co-St) and SEBS-g-(MAH-co-St) are added, respectively, both can promote the distribution of the dispersed phases, significantly reducing the dispersed phase size. When adding 10 wt% POE-g-(MAH-co-St) and 10 wt% SEBS-g-(MAH-co-St) together, compared to the non-compatibilized blend, the fracture strength, fracture elongation, and impact strength surprisingly increased by 106%, 593%, and 823%, respectively. It can be attributed to the hierarchical interfacial interactions which facilitate gradual energy dissipation from weak to strong interfaces, resulting in the improvement of mechanical properties. The synergistic effect of the enhanced phase interfacial interactions and toughening effect of elastomer compatibilizer achieved simultaneous growth in strength and toughness.