Abstract: The present disclosure relates to a thermo-reversible and self-healing blend comprising polybutadiene compounded with at least one ring opening agent and at least one ring compound containing at least one hetero-cyclic compound and at least one grafting enabling moiety, wherein the ring opening agent is capable of opening the ring compound to provide at least one open functional group to which the ring opening agent is capable of bonding, and wherein the ring compound is capable of grafting on the backbone of a polymer through the grafting enabling moiety. The present disclosure also relates to a process for preparing a thermo-reversible and self-healing blend and its use in preparing molded articles.