The study aimed to prepare sustainable and degradable elastic blends of epoxidized natural rubber (ENR) with poly(lactic acid) (PLA) that were reinforced with flax fiber (FF) and montmorillonite (MMT), simultaneously filling the gap in the literature regarding the PLA-containing polymer blends filled with natural additives. The performed study reveals that FF incorporation into ENR/PLA blend may cause a significant improvement in tensile strength from (10 ± 1) MPa for the reference material to (19 ± 2) MPa for the fibers-filled blend. Additionally, it was found that MMT employment in the role of the filler might contribute to ENR/PLA plasticization and considerably promote the blend elongation up to 600%. This proves the successful creation of the unique and eco-friendly PLA-containing polymer blend exhibiting high elasticity. Moreover, thanks to the performed accelerated thermo-oxidative and ultraviolet (UV) aging, it was established that MMT incorporation may delay the degradation of ENR/PLA blends under the abovementioned conditions. Additionally, mold tests revealed that plant-derived fiber addition might highly enhance the ENR/PLA blend’s biodeterioration potential enabling faster and more efficient growth of microorganisms. Therefore, materials presented in this research may become competitive and eco-friendly alternatives to commonly utilized petro-based polymeric products.