Currently, there is no quantitative approach for the phase structure of cured thermoplastic systems modified with thermoplastic predicting. To solve this problem, we carried out the first stage of the study on a model polycaprolactone–epoxy oligomer (PCL–DGEBA) system. Using differential scanning calorimetry (DSC), refractometry and optical interferometry, a phase diagram for PCL–DGEBA mixtures was constructed, and the Flory–Huggins interaction parameters of PCL–DGEBA mixtures were calculated. The structure of PCL–DGEBA mixtures with different PCL content was analyzed by optical microscopy. The change in the structure formation mechanism with increasing PCL concentration was shown. The diffusion coefficients are calculated by the Motano–Boltzmann method. The values of the apparent activation energy of the viscous flow PCL and of self-diffusion of DGEBA are determined. The obtained data will be used for the in situ curing kinetics and phase equilibria in the diffusion zone investigations in order to develop a quantitative method for predicting the phase structure of cured systems.