The phase separation of random copolymers during free radical copolymerization to high conversion was studied. In order to prepare in situ high impact thermoplastics during the copolymerization process, the attention was focussed on systems in which the more reactive comonomers form thermoplastics, whereas the less reactive components form elastomeric homopolymers. The studied systems (A, B) were (AN, EA), (AN, VA), (CHMA, MA) and (S, BA) (AN: acrylonitrile, EA: ethyl acrylate, VA: vinyl acetate, CHMA: cyclohexyl methacrylate, MA: methyl acrylate, S: styrene, BA: butyl acrylate). These copolymers display varying compositional heterogeneity depending on the different radical reactivity ratios and the feed composition used. Curves of instantaneous copolymer composition versus fractional conversion and the distribution functions of chemical composition were calculated for the various systems. In addition, miscibility diagrams of corresponding low conversion copolymers AxB1−x and AyB1−y, derived from the same monomer pair (A, B) but differing in composition, were recorded at high temperatures. Phase separation was detected by light microscopy and differential scanning calorimetry (DSC) using cast films. The onset of phase separation depending on the actual stage of copolymerization was recorded. The composition of the copolymers at the onset of phase separation was compared with the miscibility of low conversion copolymer blends. A satisfactory prediction of the start of phase separation during copolymerization is presented.