Block or graft copolymers are commonly used as compatibilizing agents. The copolymer used is made of the two components in the immiscible blend. The respective portions of the copolymer are able to interact with the two phases of the blend to make the phase morphology more stable. The increased stability is caused by reducing the size of the phase-separated particles in the blend. The size reduction comes from the lower interfacial tension, due to accumulating block copolymers at the many interfaces between the two copolymers.  This helps the immiscible blends break up into smaller particles in the melt phase. In turn, these phase separated particles will not be as inclined to consolidate and grow because the interfacial tension is now much lower. This stabilizes the polymer blend to a usable product. 
An example of this are Ethylene/propylene copolymers. They are able to act as good compatibilizing agents for blends of polypropylene and low density polyethylene. In this specific application, longer ethylene sequences are preferred in the copolymer. This is because cocrystallization also factors into this case, and the longer ethylene sequences will retain some residual crystallinity.