Thermoplastic starch can promoted biodegradability because the basic elements are glycerol and starch beside it is a biodegradable material. Although thermoplastic starch is widely use in industries however further research is needed to improve its properties and to increasing its application. This study was conducted based on two objectives. The first objective is to characterize the rubberized glutaraldehyde modified starch plasticized with triethanolamine, TEA and the second objective is to determine the mechanical and physical properties of the thermoplastic starch panel. The characterization test was conducted using Fourier-transform infrared spectroscopy (FTIR), Thermogravimetry analysis (TGA) and Scanning electron microscope (SEM). The mechanical properties was determine by using bending test and also tensile test while the physical properties was determine by using water absorption test and density test. The thermoplastic starch sample were prepared by mixing the cornstarch, the triethanolamine (TEA) as plasticizer, glutaraldehyde and natural rubber. The sample was manipulated by the percentage of its rubber content that was 0% rubber content, 20% rubber content and 50% rubber content. Thermoplastic starch panel with 50% rubber content shows the excellence water resistance, has a rough, clothed and dark grey surface, lowest Young's modulus and tensile strength but highest elongation break, high bending modulus and bending strength, have some Carboxylate functional group, has the lowest decomposition temperature starting point and also have the highest density compared to the other samples. Overall, it can be concluded that the rubber content will influence the properties of thermoplastic starch panel.