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The performance of bonded joints of carbon fiber reinforced polymer (CFRP) and steel relies on the mechanical properties of the adhesive used. Despite the high strength and modulus of epoxy adhesives, their brittleness limits their application to defect‐sensitive structures. The development of interpenetrating polymer networks (IPNs), either homogeneous or phase separated, provides a route to toughen the epoxy while maintaining its high strength and modulus. Microphase separated IPNs consisting of a diglycidyl ether of bisphenol A‐based epoxy resin and a thermoset with high toughness, polydicyclopentadiene (PDCPD), has been previously shown to demonstrate superior combinations of strength and toughness. This work investigates the most critical adhesive properties that affect bond strength by characterizing CFRP‐steel double‐lap shear joints containing the epoxy resin–PDCPD blend as the adhesive, using a wet lay‐up manufacturing technique. The epoxy resin–PDCPD blend adhesives realized much higher bond strengths compared to either neat epoxy or neat PDCPD. Correlations between the bond strength and the bulk material properties are presented. Theoretical calculation of the bond strength indicates that the higher bond strength that can be achieved by using the epoxy resin–PDCPD blend adhesive is due to the increased shear toughness of the new formulations. POLYM. ENG. SCI., 60:104–112, 2020. © 2019 Society of Plastics Engineers