The compatibility of poly(lactic acid)/poly($varepsilon$-caprolactone) (PLA/PCL) blends as a function of blend composition was studied and triphenyl phosphite (TPP) was applied to PLA/PCL blends as a reactive compatibilizer. Especially the effect of compatibility on the crystallization behavior in both PLA/PCL blends and PLA/PCL blends with TPP was considered. PLA/PCL blends were immiscible based on thermal characteristics of PLA/PCL blends and the miscibility was depend upon the blend composition. The enhancement of compatibility was found in PLA/PCL blends with TPP depend upon its content. The rate of crystallization in PLA/PCL blend varied with blend composition. This was understood as the development of nucleation at the interface of PLA-PCL due to the immiscibility. TPP was acting as a compatibilizer as well as an agent for the acceleration of spherulite growth In PLA. As a result, the crystallization rate increased and the size of spherulite became larger than that of PLA/PCL blend without TPP.