A rubber-modified epoxy resin is widely used as adhesive and matrix materials for fiber composite material. The structural reliability of composite material depends on the fracture toughness of the matrix resin. In this study, the fracture toughness and the damage zone around a crack tip in rubber-modified epoxy resin were investigated. The volume fractures of rubber (CTBN1300×8) in the rubber-modified epoxy resin were 0%, 5% and 15% under several loading speeds. The fracture toughness(KIC) and the fracture energy(GIC) were measured by using 3-point bending specimens. The 4-point bending specimens were also used to observe damage zones at the vicinity of a crack tip in modified resins. The results show that the values of the fracture toughness and the sizes of damage zones at 5% and 15% rubber content decrease with increase in loading speed.