Thermoplastic vulcanizates (TPVs) based on ethylene–vinyl acetate copolymer (EVA)/ethylene–vinyl acetate rubber (EVM) were prepared by dynamic vulcanization. Mechanical properties, morphology, and Mullins effect of the TPVs were investigated. The results showed that the EVA/EVM TPV with 40/60 weight ratio had excellent mechanical properties. There was no obvious phase separation on the fracture surface of the TPV. Mullins effect could be observed in the stress–strain curves of TPVs during the uniaxial loading–unloading cycles. Compared with TPV with 20/80 weight ratio, the TPV with 40/60 weight ratio had the relatively larger maximum stress, residual deformation, and internal friction loss at specific strain.