Epoxy resins have been toughened using together two components : a liquid rubber (Hycar CTBN 1300x13) and a thermoplastic polymer (Phenoxy PKHH). Unsupported adhesive films have been obtained from blends. The effect of different curing cycles on morphology, fracture behavior, and adhesive strength has been studied, monitoring phase separation by dynamic mechanical analysis. The combination of the two moieties was found the most efficient toughening agent when a slow curing cycle was adopted.