Blends of polylactic acid (PLA) and poly(butylene adipate-co-terephthalate) (PBAT) have great potential to replace conventional polyolefin and polyester materials. However, poor compatibility and fast degradation rate limit its development. In this paper, the effects of two monomer-type carbodiimides and one polymerized carbodiimide on the crystalline, thermal stability, hydrolysis properties, and mechanical properties of PLA/PBAT blends are investigated by Fourier transform infrared spectroscopy, scanning electron microscope, differential scanning calorimetry, thermogravimetric analysis, gel permeation chromatography, melt mass-flow rate, terminal carboxyl content, tensile properties, and rotational torque. It is found that all the three carbodiimide additives can improve the compatibility and enhance the mechanical, processing, and thermal stability properties of PLA/PBAT blends except for their reduced crystallization performance. Moreover, regarding the hydrolysis properties, the two monomeric carbodiimides exhibit little effect on the hydrolysis of PLA/PBAT blends, even accelerating the degradation rate under alkaline conditions. However, the antihydrolysis effect of polycarbodiimide is remarkable, which effectively improves the compatibility and antihydrolysis properties of PLA/PBAT blends.