The mutual solubility of epoxy oligomer with polysulfone (PSU) and polyethersulfone (PES) was studied by optical interferometry. Additionally, phase diagrams (PDs) were plotted and their evolution during the curing process was shown. The phase structures of modified hardened systems, as well as their tensile strengths, elastic moduli, and crack resistance, have been studied by scanning electron microscopy and physico-mechanical techniques. The effect of initial components’ mutual solubility on the phase structure and, subsequently, on the physico-mechanical properties of the composite material is shown. Differences in the structure and properties of the cured modified compositions depending on the type of PD (with Upper Critical Solution Temperature (UCST) for PSU and Lower Critical Solution Temperature (LCST) for PES) of the initial components are shown.