A waterborne epoxy-acrylate composite latex was synthesized. The effects of the concentration of the initiator, surfactant, and epoxy resin on the particle size, molecular weight, and grafting ratios of the composite latex were investigated. The increase of the concentration of the initiator and epoxy resin led to the decrease of the weight-average molecular weight. The graft ratios increased with an increase in the initiator level and a decrease in the epoxy resin concentration whereas the variation of the concentration of the surfactant did not have much influence on the graft ratios. The increase in the initiator level caused the aggrandizement of the particle size, and the increase of the concentration of the surfactant and epoxy resin caused a decrease in the latex particle size. Fourier transform IR spectroscopy with attenuated total reflectance indicated that the epoxy resin molecules were enriched in the mold-facing surface in the film from the composite latex. The differential scanning calorimetry analysis, dynamic mechanical analysis, and Instron test showed that the polymer films cast by the composite latex had lower tensile strength and glass transition than those by the blend latex.