Abstract: A process for devulcanization of vulcanized rubber, comprising the steps of: (a) preparing a mixture comprising: between about 5% w/w and about 50% w/w of thermoplastic polymer, between about 49% w/w and about 94% w/w of waste vulcanized rubber, and between about 0.01% w/w and about 1.8% w/w of stabilizing agent; and (b) kneading and desulfurizing the mixture by means of a co-rotating twin screw extruder at an extrusion temperature of between 150° C. and 320° C. to obtain devulcanized rubber. The devulcanized rubber is water-cooled, ground and dried or is rolled into sheet. This process combines the devulcanization, milling process and filtrating rubber as one process, possesses a higher devulcanization efficiency, treatment capability and lower energy consumption. Through the present invention, a controllable devulcanization process and a higher performance of the reformed materials with reclaimed rubber are achieved.