The toughness of the interphase between carbon fibers and epoxy resin was characterized by the interfacial fracture energy, which was derived from the modified Wagner‐Nairn‐Detassis (WND) model, considering the moisture swelling stress. The characterization was used to evaluate the changes of interphase bonding before and after water aging, including boiling water and 70°C water immersion. The effects of the water aging on the parameters in WND model were analyzed. The mechanism of interphase degradation under water aging was interpreted considering the change of interphase thickness, which was measured using the dynamic nanomechanical mapping method. It is shown that the single‐fiber fragmentation test with the proposed energy‐based model can quantify the degradation of interphase toughness after water aging. For the studied system, the interphase thickness has a close relationship with the interfacial fracture energy, indicating that the swelling of the resin matrix and interphase results in an increase in interphase thickness and a decrease in interphase bonding property. POLYM. COMPOS., 2012. © 2012 Society of Plastics Engineers