There are many portable shelter which mainly contained foam Polystyrene(PS) need be recycled after earthquake. Recycled polystyrene (rPS) is not degradable which will cause serious environment pollution, so the large amount of disposable polystyrene plastic wastes produced after earthquake makes imperative the search for recycling them. In this work, rPS was toughened with ethylene-octylene copolymer thermoplastic elastomer (POE) and high-density polyethylene (HDPE), compatibilized by styrene-butadiene-styrene copolymer (SBS) in order to enhance the toughness of rPS. The prepared blend showed an impact strength of 12.6 kJ/m2 and a tensile strength of 25.2 MPa, which can be well used to substitute HIPS since this system is economical and environmental friendly. The properties of composite for UV ageing resistance and thermal and oxygenic ageing resistance were both improved after the addition of complex ageing resistance agent, which will prolong the using time of the composite parts.