A series of carboxylated styrene-butadiene rubber (XSBR)/cellulose nanocrystals (CNs) latex composites were successfully prepared. The vulcanization process, morphology, dynamic viscoelastic behavior, dynamic mechanical property, thermal and mechanical performance of the XSBR/CNs composites were investigated in detail. The results revealed that CNs were dispersed uniformly in the XSBR matrix and formed a strong filler–filler network. The dynamic mechanical analysis (DMA) showed that the glass transition temperature (Tg) of XSBR matrix was shifted from 48.45 to 50.64 °C with 3 phr CNs, but decreased from 50.64 to 46.28 °C when further increasing CNs content up to 15 phr. The composites exhibited a significant enhancement in tensile strength (from 16.9 to 24.1 MPa) and tear strength (from 43.5 to 65.2 MPa) with loading CNs from 0 to 15 phr. In addition, the thermo-gravimetric analysis (TGA) showed that the temperature at 5% weight loss of the XSBR/CNs composites decreased slightly with an increase of the CNs content.