Using computer simulations and phenomenological considerations, we study the interplay between elasticity and microphase separation in quasi-two-dimensional phantom networks, obtained by cross-linking AB diblock copolymers at their ends. In the limit of weak stretching, where the average distance, l u , of A cross-links (or the mesh-cell size of the regular network) in the disordered phase is much smaller than the lamellar spacing, L*, of the diblock copolymer melt, network elasticity plays only a minor role. Upon increasing the stretching, we find that the incompatibility χN db , at which the order−disorder transition occurs, decreases, and it becomes vanishingly small for l u ≫ L* and large networks. At intermediate stretching, we observe a multigrain state, where the lamellae tilt with respect to the network orientation.