thermoplastic elastomers based on the blends of thermoplastic polyurethane (TPU) and natural rubber were prepared by a simple blend technique. The influence of the two different types of natural rubber (i.e., unmodified natural rubber (NR) and epoxidized natural rubber (ENR)) on properties of the blends was investigated. The main aim of this study was to improve heat resistance and damping properties, and also to prepare the TPU material with low hardness by blending with various amounts of natural rubber. It was found that the TPU/ENR blends exhibited superior modulus, hardness, shear viscosity, stress relaxation behavior and heat-resistant properties compared to the blends with TPU and unmodified NR. This was attributed to higher chemical interaction between the polar functional groups of ENR and TPU by improving the interfacial adhesion. It was also found that the ENR/TPU blends exhibited finer grain morphology than the blends with unmodified NR. Furthermore, lower tension set, damping factor (Tan d) and hardness, but higher degradation temperature, were observed in natural rubber/TPU blends compared to pure TPU. This proves the formation of TPU material with high heat resistance, low hardness and better damping properties. However, the blends with higher proportion of natural rubber exhibited lower tensile strength and elongation at break.