The blending of conventionally available polymers has been extensively investigated over the past several decades and is considered as an alternative cost-effective method for the development of new polymers for specific applications. The blending of thermosets invites special attention as many of them can be used as matrices for composites for primary load-bearing applications. Cyanate ester and epoxy are two of the most popular thermoset polymers used across various industries such as aerospace, automobile, military, and civil sectors. Nevertheless, each of these resins has its limitations when used individually. Hence the blending of cyanate ester and epoxy is significant, for both commercial and academic interests. In this article, investigations on blends of cyanate ester and epoxy are reviewed based on their properties. Emphasis has been made on modifications of such blends resulting in improvements in mechanical, thermal, and other functional properties. Various applications employing these thermoset blends are discussed subsequently.