Semi- and full interpenetrating polymer networks (IPNs) of epoxy resin and poly(butyl methacrylate) (PBMA) were prepared by the sequential mode of synthesis. These were characterized with respect to their mechanical properties, such as ultimate tensile strength, percent elongation at break, and modulus. The densities of these samples were evaluated and compared. Differential scanning calorimetry (DSC) and thermogravimetric analysis were undertaken for thermal characterization of the IPNs. Phase morphology was studied by polarized light microscopy of the undeformed specimens and by scanning electron microscopy of the fractured surfaces of samples undergoing tensile failure. The effects of variations of the blend ratios on the above-mentioned properties were examined. A gradual decrease in modulus and tensile strength was observed for both the semi- and full IPNs with consequent increases in elongation at break and toughness as the proportion of PBMA increased. The densities also followed the same pattern. Semi-IPNs, however, were characterized by higher densities, tensile strengths, and moduli than the corresponding full IPNs. The DSC tracings displayed broadening of transitions, indicating some phase blending. The percent weight retentions in the thermal decomposition of the IPNs and pseudo-IPNs were higher than that observed during the thermal degradation of the epoxy resin homopolymer network. Phase-separated PBMA domains of various sizes were presumed to be responsible for the increased toughness of PBMA-modified epoxy.