In this work, epoxy acrylate resin (EA) based on the industrial-grade bisphenol A-based epoxy resin (Ep6) and acrylic acid (AA) has been synthesized in order to develop hybrid resin comprising both epoxide group and reactive, terminal unsaturation. Obtained epoxy acrylate prepolymer was employed to formulate photocurable coating compositions containing, besides the EA binder, also cationic or radical photoinitiators. Hence, when cationic photoinitiators were applied, polyether-type polymer chains with pending acrylate groups were formed. In the case of free radical polymerization, epoxy acrylates certainly formed a polyacrylate backbone with pending epoxy groups. Owing to the presence of both epoxy and double carbon–carbon pendant groups, the reaction product exhibits photocrosslinking via two distinct mechanisms: (i) cationic ring-opening polymerization and (ii) free radical polymerization. Therefore, photopolymerization behavior of synthetized hybrid resin with various photoinitiators was determined via photo-differential scanning calorimetry (photo-DSC) and real-time infrared spectroscopy (RT-IR) methods, and properties of cured coatings were investigated. The performance of the following type of photoinitiators was tested in the cationic photopolymerization: diaryliodonium cations or triarylsulfonium cations, and the following type of photoinitiators were used to induce free radical photopolymerization: α-hydroxyketones, acylphosphine oxides, and their mixtures. Lastly, the basic physicomechanical properties of cured coatings, such as tack-free time, hardness, adhesion, gloss, and yellowness index, were evaluated. Some structural factors and parameters of cationic and radical photoinitiators and photopolymerization mechanisms affecting the epoxy acrylate hybrid coatings performance are discussed.