The good interaction between the ceramic powder and the binder system is vital for ceramic injection molding and prevents the phase separation during processing. Due to the non-polar structure of polyolefins such as high-density polyethylene (HDPE) and the polar surface of ceramics such as zirconia, there is not appropriate adhesion between them. In this study, the effect of adding high-density polyethylene grafted with acrylic acid (AAHDPE), with high polarity and strong adhesion to the powder, on the rheological, thermal and chemical properties of polymer composites highly filled with zirconia and feedstocks was evaluated. To gain a deeper understanding of the effect of each component, formulations containing different amounts of HDPE and or AAHDPE, zirconia and paraffin wax (PW) were prepared. Attenuated total reflection spectroscopy (ATR), scanning electron microscopy (SEM), differential scanning calorimetry (DSC) and rotational and capillary rheology were used for the characterization of the different formulations. The ATR analysis revealed the formation of hydrogen bonds between the hydroxyl groups on the zirconia surface and AAHDPE. The improved powder-binder adhesion in the formulations with more AAHDPE resulted in a better powder dispersion and homogeneous mixtures, as observed by SEM. DSC results revealed that the addition of AAHDPE, PW and zirconia effect the melting and crystallization temperature and crystallinity of the binder, the polymer-filled system and feedstocks. The better powder--binder adhesion and powder dispersion effectively decreased the viscosity of the highly filled polymer composites and feedstocks with AAHDPE; this showed the potential of grafted polymers as binders for ceramic injection molding.