The Elastomeric Alloy (EA) materials based on polypropylene (PP) and Vietnam waste Rubber Powder (RP) has been prepared in internal mixer of Haake in melting state with peroxide initiator. Dynamically stabilizing process at presence of radical donor and acceptor systems has leaded to form chemical bonds on the surface between two phases of surspending rubber powder and PP matrix and then to form intermediate phase surrounding Rubber Particles and making EA higher dense than that of materials by simple mixing RP and PP without networking. This paper deals with the influences of the content, sizes of Vietnam waste RP particles and the technological conditions on the mechanical - physical properties and morphology of EA.