This study investigated microstructural changes of cured urea-formaldehyde (UF) resins mixed with aqueous rubber latex emulsion after intentional acid etching. Transmission electron microscopy (TEM) was used in order to better understand a hydrolytic degradation process of cured UF resins responsible for the formaldehyde emission from wood-based composite panels. A liquid UF resin with a formaldehyde to urea (F/U) molar ratio 1.0 was mixed with a rubber latex emulsion at three different mixing mass ratios (UF resin to latex = 30:70, 50:50, and 70:30). The rate of curing of the liquid modified UF resins decreased with an increase of the rubber latex proportion as determined by differential scanning calorimetry (DSC) measurement. Ultrathin sections of modified and cured UF resin films were exposed to hydrochloric acid etching in order to mimic a certain hydrolytic degradation. TEM observation showed spherical particles and various cavities in the cured UF resins after the acid etching, indicating that the acid etching had hydrolytically degraded some part of the cured UF resin by acid hydrolysis, also showing spherical particles of cured UF resin dispersed in the latex matrix. These results suggested that spherical structures of cured UF resin might play an important role in hindering the hydrolysis degradation of cured UF resin.