The present study focuses on thermoplastic elastomers based on ethylene octene copolymer (EOC) and poly dimethyl siloxane (PDMS) rubber prepared by melt mixing technique nd crosslinked using dicumyl peroxide (DCP). It is found that the addition of peroxide causes crosslinking in both the phases. However, crosslinking without affecting the crystallinity of the EOC polymer leads to tremendous improvement in the mechanical properties including the tensile strength which has improved nearly by 60 % for the 70:30 EOC: PDMS blends. For better understanding about the crosslinking characteristics of thermoplastic vulcanizates (TPVs), significant correlation has been made between the vulcanized network and the physico-mechanical properties. Further, the dynamic mechanical properties and creep behavior of these thermoplastic elastomers (TPEs) and TPVs have also been studied. It is inferred that the TPVs shows a 19 % decrease in the creep compliance, i.e. higher creep resistance compared to uncrosslinked blends. Subsequently, the morphology study of the blends by Atomic force microscopy (AFM) shows that, there is a decrease in the PDMS rubber domains from 0.8 µm to about 0.4 µm after vulcanization. From the thermal studies it was found that, through blending and subsequent crosslinking, the maximum degradation temperature of the EOC was increased from 492.1 °C to 514.8 °C. Ageing and reprocessing studies of the prepared TPVs also show better physico-mechanical properties even after reprocessing twice. All the radiation crosslinked blends exhibit lower dielectric constant, lower dielectric loss and higher electrical resistivity as compared to the virgin blends, which makes them an excellent material for high voltage cable insulating applications.