Polyethylene (PE), one of the most popular thermoplastic polymers, is widely used in various areas, such as materials engineering and biomedical engineering, due to its superior performance, while 3D printing via fused deposition modeling (FDM) provides a facile method of preparing PE products. To optimize the performance and assess the degradation of FDM-printed PE materials, we systematically investigate the influences of printing parameters, such as fiber diameter (stretching) and printer head temperature, and degradation, such as UV exposure and thermal degradation, on the mechanical performance of FDM-printed PE fibers. When FDM-printed PE fibers with a smaller diameter are prepared under a higher collecting speed, they undergo stronger stretching, and thus, show higher tensile strength and Young’s modulus values. Meanwhile, the tensile strength and Young’s modulus decrease as the printer head temperature increases, due to the lower viscosity, and thus, weaker shearing at high temperatures. However, degradation, such as UV exposure and thermal degradation, cause a decrease in all four mechanical properties, including tensile strength, Young’s modulus, tensile strain and toughness. These results will guide the optimization of FDM-printed PE materials and help to assess the durability of PE products against degradation for their practical application.