Processable rubber compositions contain a vulcanized fluorocarbon elastomer dispersed in a thermoplastic matrix comprising a fully fluorinated polymer and a partially fluorinated polymer. The processing temperature is below the melting point of the fully fluorinated polymer. The compositions are made by combining a curative, uncured fluorocarbon elastomer, a fully fluorinated thermoplastic, and a partially fluorinated thermoplastic material, and heating the mixture at a temperature and for a time sufficient to effect vulcanization of the elastomeric material, while mechanical energy is applied to mix the mixture during the heating step. Shaped articles such as seals, gaskets, O-rings, and hoses may be readily formed from the rubber compositions according to conventional thermoplastic processes such as blow molding, injection molding, and extrusion.