Recycled paper has become increasingly used as a raw material in the paper industry. However, hornification limits its application. Herein, the effect of recycling on the mechanical properties and microstructure of khasi pine pulp was systematically studied. The mechanical properties deteriorated and water retention value decreased after recycling. X-ray diffraction and Fourier-transform infrared spectroscopy revealed that cellulose crystallinity increased and partial cocrystallization occurred on cellulose microfibrils. Through the analysis of the morphology of secondary fibers by FQA, the loss of fine fibers caused by each reuse was found. Using the filtration method to prepare the recycled paper reduced the loss of fine fibers and improved the mechanical properties, with the tensile strength of a sample prepared using a sand core filter unit for five cycles (8.37 MPa) being like that of a sample prepared using a paper machine after one cycle. The investigation of the internal structure of the paper showed that the retained fine fibers were bonded between the long fibers, promoting the bonding between the fibers. Fine fibers improve the curling and twisting of fibers to some extent, especially in the first three recycling cycles. The hornification phenomenon of recycled paper was studied from the viewpoint of the fiber components, which is important to promote the development and application prospect of recycled paper.