In this chapter, we introduce thermoplastic vulcanizates (TPVs) from three aspects, including raw materials, preparation process, and microstructure. All of them have a significant influence on the properties of TPV, such as tensile strength, hardness, toughness, etc. Furthermore, we discuss how these factors affect TPV performance in detail. We also introduce TPVs with multifunction, such as shape memory, self-healing, electrical conductivity, electromagnetic shielding, etc. Finally, we propose some problems for TPVs that remain to be resolved.