The Irish side scored six tries in the 47-23 victory, which sets up a semi-final tie against either Leinster or Toulon later this month.
The team's head coach told Sky Sports News: "It was great to get the win but the performance was outstanding. It's not a secret how dangerous Toulouse are and great credit to the lads both sides of the ball. They were terrific and you need to be against a side like that.
"They all had to play big today. If we had any weaknesses, they would be exposed and we talked all week about everyone having the best game they could have in the Munster jersey.
"You could look along one to 15 and the guys who came on, they were so determined to do well for each other and the spirit is there and is going to see this organisation well for a period of time."
Munster have previously won the tournament on two occasions.