This study addresses the compressive behavior of graphite fiber reinforced composites containing open holes and impact damage. The effect of constituent properties as well as thermoplastic and rubber particulate toughening mechanisms are evaluated. The materials are characterized by their neat resin elongation to failure, elastic properties, ultimate strengths, fiber/matrix interfacial shear strength, and Modes I and II interlaminar fracture toughness. The open-hole and post-impact compression properties of the materials have also been evaluated. Results indicate that an increase in the in-plane lamina shear modulus results in an increase in the strain associated with the initiation of fiber microbuckling in notches. Also, an increase in neat resin elongation to failure and Modes I and II fracture toughness reduces the total volume of material subject to damage as a result of impact. Less damage in the laminate leads to increases in the post-impact compression properties.