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A new rubber recycling technology to produce a thermoplastic elastomer (TPE) based on ethylene-propylene-diene rubber (EPDM) waste was developed. In this technology, the developed process consists of devulcanization of EPDM waste, blending of the devulcanized EPDM and polypropylene (PP), and dynamic vulcanization of the rubber component. All three are set up in as a continuous process in which the Recycled Rubber based Thermoplastic Elastomer (which is indicated as “RR-TPE” henceforth) is finally obtained. The RR-TPE exhibits elasticity and mechanical properties similar to those of commercial Thermoplastic olefins (TPO). These properties may be due to a suitably formed phase structure. Automotive parts are being developed and are going to be produced with the RR-TPE manufactured by this new technology. This technology will contribute to both protecting the environment and saving resources.