This paper reports on the work carried out to evaluate the frequency dependent viscoelastic properties of epoxy/novolac compositons modified with a liquid reactive rubber and carbon filler. For epoxy systems modified with elastomer, three typical transitions were observed: the α-relaxation deeply related to the glass transition of epoxy, the β-transition of epoxy, and the glass transition of rubber appeared near to the β-relaxation of epoxy resin. Considering an Arrhenius equation, the activation energies of β-relaxation were estimated. In the region of glass transition and rubbery state the temperature dependence of the shift factor (αT) was determined through Williams-Landel-Ferry (WLF) equation.