In this study, an analysis of the influence of polymer modification on the mechanical behavior, porosity, and microstructure of mortar is carried out. Epoxy latexes contents of 5%, 10%, 15%, and 20% of cement were employed in the preparation of cement mortars based on the same workability. The specimens were subjected to dry, wet, and wet–dry curing regimes. Compressive strength, flexural strength, Mercury intrusion porosimetry (MIP), and scanning electronic microscope (SEM) tests were conducted to analyze the effect of epoxy latexes on the mechanical property and porosity of modified mortars. Based on the compressive strength test results, a quantitative method was established to calculated the degree of hydration and polymerization. The results show that the mechanical behavior and porosity property of epoxy latexes modified mortar are influenced by the degree of hydration, the degree of polymerization, and the volume changing effect of mortar. The polymerization of epoxy latexes could improve the flexural strength of the mortar. The macropores of specimens tended to decrease with the increase of the degree of epoxy latexes polymerization and cement hydration. In practical engineering, it is necessary to ensure the degree of hydration and increase the polymerization rate. Thus, the wet–dry curing regime is recommended.