The present study concerns the quantitive assessment of the influence of process parameters on the interlaminar properties of carbon fiber reinforced epoxy composites. Mode II interlaminar fracture toughness is evaluated based on the ENF test. Scanning electron microscopy images are used to evaluate the change in microstructures. The results indicate that the process parameters have a direct influence on the microstructural features and fracture toughness of laminates. Specifically, the elevation of layup speed leads to the increase of interlaminar porosity which results in a decline of fracture toughness. The moderate pressure could sufficiently evacuate air bubbles during the deposition which to a certain extent decreases the porosity; however, the excessive pressure squeezes resin out from the interlaminar region, which decreases the fracture toughness. Furthermore, the excessive temperature could both increase porosity and result in a thinner resin layer due to the change in resin flowability. In which case, the fracture toughness would be significantly decreased.