The PLA-g-(GMA-co-St) graft copolymer (PGS) was prepared using melt-free radical grafting technology, PGS and ESO were simultaneously employed as compatibilizers for the poly (lactic acid)/poly (butylene adipate-co-terephthalate) (PLA/PBAT) blends. The effects of the type and amount of compatibilizers on the properties of the blends were studied. The results reveal that the epoxy groups in PGS and ESO can interact with the terminal groups of PLA and PBAT. The incorporation of either PGS or ESO separately can improve the compatibility between PLA and PBAT to a considerable degree. However, the introduction of both compatibilizers into the PLA/PBAT blends results in a notable shift of the Tg of the two phases, reduces the size of PBAT particles, and makes their dispersion more uniform. This reveals that the dual reactive compatibilizers can achieve a synergistic effect, significantly reducing the interfacial tension between the two phases and facilitating inter-phase dispersion, ultimately forming a more uniform microstructure. Simultaneously, as the amount of ESO added to the blends gradually increases, the vicat softening temperature and complete decomposition temperature of the blends continue to increase, the notched impact strength and elongation at the break of the blend gradually increase and then decrease. When the ESO amount reaches 4 wt%, the performance of each property increases to 88.9 °C, 447.66 °C, 335.16 %, and 23,359.30 J/m2, respectively. At this point, the fracture surface of the blend samples is accompanied by a large-scale plastic deformation. In conclusion, this work represents the first attempt to accomplish synergistic effects via dual reactive compatibilizers. Under the best formulation and processing circumstances, the PLA/PBAT blends greatly increase their overall performance while maintaining biodegradability, hence broadening their application prospects in packaging, agriculture, and disposable tableware.