Today an increasing interest in two component adhesive products can be sensed in the market. The driving force requesting more specific adhesive materials is automotive industry for bonding of light-weight structures or challenging designs. These requirements from industry make to seek for new raw material types to formulate adhesive systems with higher strength, broad superior adhesion spectrum and other demanding properties. The combination of epoxy resin with modified silyl-terminated polyether polymer (MS Polymer) is supposed to deliver a two component adhesive that shows superior strength compared to pure MS Polymer based adhesives, while combining all the other positive features from both polymer resin types. In two component adhesive formulation MS Polymer and epoxy hardener are main ingredients of one component and epoxy, MS Polymer catalyst and water are main ingredients of other component. Depending on the amount of methoxysilyl groups various MS Polymer types, namely, di-functional MS Polymers (DMS) and tri-functional MS Polymers (TMS), were used. Rheological characteristics were measured by using Bohlin CVO 100 rheometer. Instrument was equipped with 20 mm diameter spindle in plate-plate geometry with gap size 1000 m. Tests at 23 oC were performed in oscillatory shear mode at frequency 1.5 Hz and strain 0.15. Dynamic storage G’ and loss moduli G” were recorded as functions of the reaction time. Adhesive and tensile stress-strain characteristics were determined by using Zwick/Roell Z010 universal testing machine. Tensile tests were made according to DIN 53504. Lap shear tests were made according to EN 1465. Samples were tested after 1, 7, 14, 21 and 28 days of curing.