ABSTRACTA series of high‐temperature thermoplastic elastomers (TPEs) and thermoplastic vulcanisates (TPVs) were successfully developed based on two different types of heat resistant polyamide (PA) (25 parts by weight)—PA‐12 and PA‐6, in combination with three different functionalized rubbers (75 parts by weight) of varying polarity, e.g., maleic anhydride grafted ethylene propylene diene terpolymer (MA‐g‐EPDM), sulphonated ethylene propylene diene terpolymer, and carboxylated acrylonitrile butadiene rubber, by melt mixing method. These rubbers have low level of unsaturation in its backbone, and the plastics showed high melting range. Thus, the developed TPEs and TPVs were expected to be high temperature resistant. Resol type resin was used for dynamic vulcanization to further increase the high temperature properties of these blends. Interestingly, initial degradation temperature of the prepared blends was much higher (421 °C for MA‐g‐EPDM/PA‐12) than the other reported conventional TPEs and TPVs. Fourier transform infrared analysis described the interactive nature of the TPEs and TPVs, which is responsible for their superior properties. The maximum tensile strength with lowest tension set was observed for the carboxylated acrylonitrile butadiene rubber/PA‐12 TPV. Mild increase in mechanical properties without any degradation was observed after recycling. Dynamic mechanical analysis results showed two distinct glass transition temperatures and indicated the biphasic morphology of the blends, as evident from the scanning electron microscopy. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 45353.