Ultrafiltration (UF) techniques have particular advantages for simultaneous purification, concentration, and fractionation of macromolecules. In this study, polymeric blend ultrafiltration membranes based on cellulose acetate and polyetherimide were prepared by phase inversion technique and characterized in terms of compaction time, pure water flux (PWF), water content, membrane hydraulic resistance, and scanning electron microscopy (SEM). The blend membranes prepared were subjected to the separation of macromolecular proteins such as bovine serum albumin (BSA), egg albumin (EA), pepsin, and trypsin. The molecular weight cut-off (MWCO) of blend membranes obtained from the protein separation studies is also presented. Toxic heavy metal ions such as copper, nickel, zinc, and cadmium were subjected to separation by the blend membranes by complexing them with the polymeric ligand polyethyleneimine. The separation and permeate flux efficiencies of the blend membranes are compared with those of pure cellulose acetate membranes.