Brake friction material reinforced with coconut fiber and dypsis lutescens fiber was designed and prepared in this study. Specimens incorporating 0–8 wt.% of coconut fibers or dypsis lutescens fibers were fabricated. The effect of the content of these reinforcing fibers on the overall properties of brake friction materials was systematically investigated. The results indicate that the inclusion of reinforcing fibers in the formulation of brake friction materials can improve the physical properties and friction and wear properties of brake friction materials. The specimen incorporating 6 wt.% plant fiber obtained the optimal comprehensive performance with excellent fade resistance and recovery properties, and better wear resistance. In order to further investigate their performance, nine hybrid fiber brake friction materials were designed using the golden section method and orthogonal test method. The study indicated that the F-6 hybrid fiber-reinforced brake friction materials have better physical properties, thermal degradation resistance, recovery properties, and abrasion resistance than the single-fiber-reinforced brake friction materials. This study provides new concepts for the preparation of fiber-reinforced brake friction materials as well as formulation optimization.