The interface between polymer matrices and nanofillers is critical for efficient interaction to achieve the desired final properties. In this work, block copolymers were utilized to control the interface and achieve optimum interfacial interaction. Specifically, we studied the compatibilizing effects of styrene-ethylene/butadiene-styrene (SEBS) and styrene-ethylene/propylene (SEP) block copolymers on the morphology, conductivity, and rheological properties of polypropylene-polystyrene (PP/PS) immiscible blend with 2 vol% multiwall carbon nanotube (MWCNT) at different blend compositions of PP/PS 80:20, 50:50 and 20:80.MWCNTs induced co-continuity in PP/PS blends and did not obstruct with the copolymer migration to the interface. Copolymers at the interface led to blend morphology refinement. Adding block copolymers at a relatively low concentration of 1 vol% to compatibilize the PP/PS 80:20 blend substantially increased the electrical conductivity from 5.15*10−7S/cm for the uncompatibilized blend to 1.07*10−2S/cm for the system with SEP and 1.51*10−3S/m for the SEBS system. These values for the compatibilized blends are about 4 orders of magnitude higher due to the interconnection of the droplet domains. For the PP/PS 50:50 blend, the SEBS copolymer resulted in a huge increase in conductivity at above 3 vol% concentration (conductivity increased to 3.49*10−3S/cm from 5.16*10−7S/cm). Both the conductivity and the storage modulus increased as the SEBS copolymer content was increased. For the PP/PS 20:80 blend, we observed an initial decrease in conductivity at lower copolymer concentrations (1–3 vol%) and then an increase in conductivity to values higher than the uncompatibilized system, but only at a higher copolymer concentration of 10 vol%. The triblock copolymer (SEBS), which had 60 wt% PS content, shows a more significant increase in rheological properties compared to the diblock copolymer (SEP). The morphology shows that the interaction between MWCNT and PS is stronger than the interaction between MWCNT and PP, hence there is selective localization of the nanofiller in the PS phase as predicted by Young’s equation and by molecular simulation.