The chromatographic and spectroscopic variations of polycarbonate (PC)-epoxy blends during the hot-melt process of dissolving PC in epoxy were observed. The characteristics of PC-epoxy blend are influenced by the following factors : (1) the minor components in the epoxy monomer, (2) the ratio of PC to epoxy in the PC-epoxy blend, and (3) the environment in which the blends are prepared. The water contained in the epoxy may hydrolyse the PC and yield two phenolic chain end groups and carbon dioxide. The alcoholic hydroxyls existing in epoxy may transesterify the original aromatic/aromatic carbonate of PC to aromatic/aliphatic and aliphatic/aliphatic carbonates. The alpha-glycol present in epoxy would react with the carbonate of PC to form a cyclic carbonate structure. Whether the PC hydrolysis, transesterification or cyclization reaction proceeds during the process of dissolving PC in epoxy depends on the minor components present in the epoxy monomer. The extent of the aforementioned reactions increases with the decrease of the PC content in the PC-epoxy blend. Results show that the oxirane of epoxy would not react with the carbonate of PC in the absence of a catalyst. The possibility of the oxidation of the PC-epoxy blends could be avoided by carrying out the experiment under a nitrogen atmosphere.