C/C–HfC–SiC composites were prepared by reactive melt infiltration using Hf–Si alloy (Hf, more than 95 wt%) with a density of 3.86 g/cm3 and an open porosity of 8.34%. The microstructure, mechanical properties, and ablation behavior at high temperatures were studied in detail. SiC played a crucial role in alleviating the thermal mismatch between HfC and PyC, which formed at the interface between the carbon matrix and the HfC matrix. The flexural strength and modulus of C/C–HfC–SiC composites were 237 MPa and 37.6 GPa, respectively. The C/C–HfC–SiC composites exhibited excellent ablation resistance with a linear ablation rate of 8.9 × 10−3 mm/s and maintained a surface temperature above 2925°C during ablation. During this process, HfO₂ remained in a molten state with high viscosity and served as a thermal barrier, while the volatilization of SiO₂ effectively removed heat, protecting the composites from further ablation.