To improve the toughness of epoxy polymers, cross-linked rubber (CLR) particles or core-shell rubber (CSR) particles can be blended into the epoxy matrix. Particle cavitation is thought to be the main toughening mechanism of rubber-modified epoxies. Although CLR-modified epoxies have not been studied in depth previously, it is expected that the toughening mechanism differs from that of CSR-modified epoxies because void formation is less likely to occur. We formed the CLR- and CSR-modified epoxy resins using nanosized acrylonitrile butadiene CLR particles, which showed good compatibility with the epoxy matrix and the CSR particles with a rubbery core surrounded by a glassy shell. The toughening mechanism was examined by comparing the fracture behavior, fracture surfaces, and process zones via tensile and fracture toughness testing, scanning electron microscopy (SEM), transmission electron microscopy (TEM), and transmission optical microscopy (TOM). There was a difference in the characteristics of theR-curves between the CLR- and CSR-modified epoxies. In addition, the SEM and TEM observations indicated that there was a difference in the fracture mechanism.