A two part epoxy composition which comprises(1) a specific modified epoxy resin component comprising(a) an epoxy resin,(b) an epoxy resin modified with a butadiene-acrylonitrile copolymer rubber, and(c) a urethane-modified epoxy resin obtained by reacting an isocyanate-terminated urethane prepolymer obtained from a polytetramethylene ether glycol and a diisocyanate with an epoxy resin containing at least one hydroxy group in the molecule, and(2) a curing agent comprising a polyamide-amine, said epoxy resin composition having excellent knife-cutting property and being useful as an adhesive or a coating agent.