Cellulose diacetate (CDA) plasticized with triacetine was blended by melting extrusion with two different kind of elastomeric core–shell impact modifiers: methyl methacrylate (MMA, shell) grafted onto styrene–butadiene–rubber (SBR, core) (MSBR) and MMA (shell) grafted onto butyl acrylate rubber (BAR, core) (MBAR). The different CDA/MSBR and CDA/MBAR blends were characterized by mechanical properties and morphological observation with various impact modifier contents. The highest impact strength was observed in the case of the blend with 5 wt% of MSBR and 3 wt% of MBAR, respectively. The tensile strength and Young’s modulus of CDA blends were decreased with increasing both MSBR and MBAR. According to SEM observation, MBAR was dispersed more effectively in CDA matrix than that of MSBR, thus indicating improved impact strength.