Self-vulcanizing blends of phenol hydroxy silicone rubber (PHSR) and fluoroelastomer (FPM) were prepared. Vulcanized rubbers with lower glass transition temperature (Tg) were successfully obtained. The results of dynamic mechanical analysis (DMA) show that the vulcanized FPM/PHSR (10 phr) blend has only one Tg temperature, demonstrating the well compatibility between FPM and PHSR. The thermogravimetric analysis (TGA) demonstrates that the PHSR do little damage to the thermal stability of FPM. The vulcanization characteristics of the FPM/PHSR blends were analyzed by using oscillating disc rheometer (ODR). The results show that FPM/PHSR blends have smaller Smin values and longer scorch time than that of FPM with the same level of bisphenol AF curing agent. It means that FPM/PHSR blends have better processability and curing security. Better mechanical properties can be gained for FPM/PHSR blends at appropriate level of PHSR.