Carbon fiber paper (CFP) is one of the most important units of gas diffusion layer (GDL) in proton exchange membrane fuel cells (PEMFCs). The binder used in the wet-laid technique has a significant effect on the properties of CFP. In this work, the polyvinyl butyral/phenol-formaldehyde resin (PVB/PF) composite fibers firstly prepared by a dry spinning method were applied for CFP fabrication to replace traditional binders during the papermaking process and remove the PF impregnation process. In the composite fibers with a mass ratio of 5:5, PF phase with a size of about 2~3 μm evenly distributed in PVB matrix. PVB and PF were miscible to some degree, which was beneficial for their binding effect during hot-press. These composite fibers can successfully bind carbon fibers (CFs) during the papermaking process, and their residual carbon efficiently welded the CFs after heat treatment. The content and length of composite fibers in the mat affected the binding structure among CFs, which influenced the properties of CFP, increased the composite fibers’ content and reduced their length, significantly improving the strength of CFP. Therefore, the application of this solid fiber binder could enhance the comprehensive properties of CFP by adjusting the fibers’ parameters in the mat and also make the fabrication of CFP more environmentally friendly and low-cost.