The principal objective of this research project is the disposal of end-of-life tire rubber waste and its incorporation in gypsum composites. As a continuation of previous projects, which established a reduction in the mechanical properties of the resulting products, the behavior of these composites is analyzed with the incorporation of carbon fibers. The density, Shore C hardness, flexural strength, compressive strength, dynamic modulus of elasticity, strength–strain curves, toughness and resistance values and microstructure of the material are studied and compared. The results obtained show a significant increase in the mechanical tensile strength of all of the samples containing fibers. The moduli of elasticity results show a decrease in rigidity and increase in toughness and resistance of the material produced by incorporating the fibers. An optimum dosage of a water/gypsum ratio of 0.6 and incorporation of 1.5% carbon fibers is proposed. This lightweight material, which offers a high mechanical performance, features characteristics which are suitable for large prefabricated building elements in the form of panels or boards.