Reactive blends of bisphenol A dicyanate (BACY) and a novolac epoxy resin (EPN) were investigated for their cure behavior and the mechanical, thermal, and physical properties of the cocured neat resin and glass-laminate composites. Contrary to the apparent observation in DSC, the dynamic mechanical analysis confirmed a multistep cure reaction of the blend, in league with an established reaction path for similar systems. The cured matrix was found to contain both polycyanurate and oxazolidinone networks that existed in discrete phases exhibiting independent glass transitions in dynamic mechanical analysis (DMA). The flexible and less crosslinked oxazolidinone network contributed to enhanced flexural strength at the cost of the tensile strength of the neat resin. The increased resin flexibility was, however, not translated to the glass-laminate composite for which the flexural strength decreased with the oxazolidinone content, although the latter was conducive for rendering a stronger interphase. The presence of oxazolidinone adversely affected the thermal stability of the cured resin and the high-temperature performance of both neat resin and the composites.