Epoxy resin and CTBN(carboxyl terminated butadiene acrylonitrile) rubber were reacted at $150^{circ}C$. Epoxy mixtures containing reactant in a ratio $0{sim}75%(wt%)$ of total liquid component were with dicyandiamide(DICY) at $130{sim}200^{circ}C$. Cure, thermal and adhesive properties were investigated in relation to rubber content, cure temperature, hardner content and promoter content. $CTBN{ imes}13$ showed better properties in miscibility, curing time and adhesive strength. 2PZ-CNS was more excellent in Tg, and melamine was in adhesive strength. Adhesive strength represented best at rubber content $12{ imes}15%$.