Novel elastomeric compositions that contain at least one thermoplastic elastomer and at least one phase change solvent. Above the phase change temperature, the phase change solvent solubilizes or intimately mixes with the thermoplastic elastomers. Below the phase change temperature, the phase change solvent solidifies or crystallizes within the thermoplastic matrix. The phase change behavior of these materials produce elastomeric compositions that exhibit lowered viscosity and lowered processing temperature without substantially compromising the mechanical properties. The present invention also relates a method of lowering the viscosity and improving the processability of a thermoplastic elastomer using the phase change solvent.