Preparation and properties of alkyd–acrylic hybrids have been studied. Hybrids with different alkyd–acrylic ratios and acrylic parts were prepared via free radical polymerization of acrylic monomers in a presence of an unsaturated alkyd resin using emulsion polymerization technique. The binders were characterized according to their solid content, conversion, viscosity, pH and particle size. Evidence on formation of true copolymer was obtained via NMR spectroscopy and molecular weight and glass transition temperature measurements, as well as via performance studies. The performance evaluation was focused on investigation of drying, penetration and water repellency ability, as well as on film formation and surface topography studies. The binders were compared to references of an alkyd emulsion, acrylic latex and a blend made of them. The results showed that alkyd–acrylic hybrids with synergistic and improved properties can be prepared.