Polymethyl methacrylate (PMMA)/ acrylonitrile-styrene-acrylate terpolymer (ASA) alloy was prepared via melt blending method. Effects of ASA melt flow rate and PMMA/ASA ratio on mechanical property of the alloy were studied. It showed that when the high melt flow rate ASA was used, alloy’s tensile strength and flexural strength were little different from using low melt flow rate ASA, while the impact strength was significantly higher than the latter. Differential scanning calorimetry (DSC) analysis showed that a glass transition (Tg) platform emerged in low melt flow rate ASA at 48.5°C, which represented the Tg of the interface phase formed between SAN grafted acrylate rubber particles and SAN matrix. Scanning electron microscope (SEM) experiment further showed that when low melt flow rate ASA was used, alloy’s cross section was smooth which showed the characteristics of brittle fracture.