There is provided a photosensitive composition excellent in photo-curability which comprises an epoxy compound having two or more epoxy groups, a polynuclear phenol compound having a specific structure and an energy beam-sensitive cationic polymerization initiator, and optionally a predetermined percentage of a hydroxyl group-containing compound having one or more hydroxyl groups and one or more of at least one of a vinyl ether group and an oxetanyl group in a molecule, and a cured product of the same whose film is excellent in adhesion to various substrates, water resistance and flexibility.