The miscibility and crystallization behavior of binary crystalline blends of poly(butylene terephthalate) [PBT] and polyarylate based on Bisphenol A and a 27/73 mole ratio of isophthalic and terephthalic acids [PAr(I27-T73)] have been investigated by differential scanning calorimetry (DSC). This blend system exhibits a single composition-dependent glass transition temperature over the entire composition range. The equilibrium melting point depression of PBT was observed, and Flory interaction parameter χ12 = −0.96 was obtained. These indicate that the blends are thermodynamically miscible in the melt. The crystallization rate of PBT decreased as the amount of PAr(I27-T73) increased, and a contrary trend was found when PAr(I27-T73) crystallized with the increase of the amount of PBT. The addition of high-Tg PAr(I27-T73) would suppress the segmental mobility of PBT, while low-Tg PBT would have promotional effect on PAr(I27-T73). The crystallization rate and melting point of PBT were significantly influenced when the PAr(I27-T73) crystallites are previously formed. It is because not only does the amorphous phase composition shift to a richer PBT content after the crystallization of PAr(I27-T73), but also the PAr(I27-T73) crystal phase would constrain the crystallization of PBT. Thus, effects of the glass transition temperature, interaction between components, and previously formed crystallites of one component on the crystallization behavior of the other component were discussed and compared with blends of PBT and PAr(I-100) based on Bisphenol A and isophthalic acid.