The main purpose of this work is to reveal the effects of carboxyl-terminated butadiene-acrylonitrile (CTBN) rubber particles on the tensile and fracture behavior of CTBN/epoxy blends cured with anhydride-and aminebased agents. In this study, 1 wt.%, 3 wt.%, 5 wt.%, 7 wt.%, 10 wt.% and 15 wt.% CTBN were added to two different epoxy systems. The CTBN/epoxy blends were prepared by ultrasonic mixing device, and curing processes were determined by DSC analysis. As CTBN fraction by weight increased in both epoxy systems, a decrease in tensile strength and modulus was detected, but deformation ability improved. The fracture toughness of CTBN/epoxy blends cured with the amine-based agent increased up to 10 wt.% CTBN addition. However, fracture toughness decreased when 15% by weight of CTBN was added to the epoxy matrix. The average rubber particle size was found to have a significant effect on the fracture toughness of CTBN/epoxy blends. Compared to pure epoxy, fracture toughness was increased approximately 3.5-fold in 10 wt.% CTBN/epoxy blend cured with the aminebased agent. In CTBN/epoxy blends cured with the amine-based agent, CTBN shifted the reaction rate and thus it was provided better control over CTBN particle size in the CTBN/epoxy cured. The toughening mechanisms induced by CTBN, such as rubber cavitation and matrix shear banding, contributed to the enhanced fracture toughness of the CTBN/epoxy cured with the amine-based agent.