The mechanical behavior of uniaxially fiber-reinforced composites with a ductile rubber-toughened epoxy matrix was studied through the finite element analysis of a RVE of the composite microstructure. The fibers were represented by elastic and isotropic solids, while the rubber-modified epoxy matrix behaved as a elasto-viscoplastic solid. The matrix flow stress followed the model developed by Jeong [Jeong, H.-Y., 2002. A new yield function and a hydrostatic stress-controlled void nucleation model for porous solids with pressure-sensitive matrices. International Journal of Solids and Structures 39, 1385–1403.], which included the inherent pressure-sensitivity of the yield stress in the epoxy matrix, the damage due to the cavitation of the rubber particles and subsequent void growth, and the particular features of elastic–viscoplastic behavior in glassy polymers, particularly the intrinsic softening upon yield followed by hardening. Composites with either perfect or weak fiber/matrix interfaces (the latter introduced through cohesive elements) were studied to assess the influence of interface strength on the composite behavior. Simulations under transverse tension and out-of-plane shear were carried out to establish the effect of loading conditions on the dominant deformation and failure micromechanisms. In addition, the corresponding failure locus was obtained and compared with the predictions of current phenomenological failure criteria for composites. The range of validity of these criteria and the areas for further improvement were established by comparison with the numerical results.