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Polymer-modified asphalts (PMAs) were prepared using Bachaquero asphalt and styrene–butadiene–styrene (SBS) type copolymers. Their rheological behavior was compared to that of unmodified asphalt and of a compatible commercial PMA. Materials were submitted to frequency sweeps between 10⁻¹ and 10² rad/s from 0 to 50°C. Storage stability tests were performed for 72 h at 160°C. Ring and ball softening points from the top and the bottom of the blends were compared and were used along with fluorescence microscopy to evaluate stability. Samples prepared with styrene–ethylene–butylene–styrene (SEBS) showed improved compatibility and stability as compared with SBS-modified asphalts, probably because of a higher stability to thermal degradation from the absence of double bonds. An additional improvement in stability and compatibility was observed for SEBS functionalized with maleic anhydride (SEBS-g-MAH)–modified blends. Better compatibility, however, did not improve rheological behavior at low temperatures. The systems studied are so complex from a chemical point of view that the rheological criteria normally used to predict compatibility of polyblends did not give enough information regarding the compatibility of the modified asphalts. © 2003 Wiley Periodicals, Inc. J Appl Polym Sci 90: 1772–1782, 2003