The effect of multi-reprocessing on the phase structure and characteristics is studied for thermoplastic elastomers based on recycled high-density polyethylene (HDPE), ethylene-propylene-diene rubber (ternary copolymer of ethylene, propylene, and 5-ethylidene-2-norbornene) (EPDM), and recycled ground tire rubber (RGTR). Analysis of the viscous flow characteristics of thermoplastic elastomers shows that, independently of the number of processing cycles, all samples are characterized by the required flow characteristics at elevated temperatures. Processing of thermoplastic elastomers is accompanied by the competing processes of crosslinking and degradation of macromolecules in a polymer mixture. The results of DSC study and dynamic mechanical thermal analysis show that, as the number of processing cycles is increased, phase separation between amorphous and crystalline phases in thermoplastic elastomers decreases. Insignificant intermolecular crosslinking induced by the processing of thermoplastic elastomers appears to have almost no effect on the physicomechanical characteristics of the final material.