Laminates with unidirectionally arrayed chopped strands (UACS) are one of the advanced short fiber reinforced polymer composites (SFRP) with significant application prospect, which greatly improves mechanical properties compared to the traditional SFRP, meanwhile ensuring excellent flowability. In practice, composite laminate with an open hole is one of the typical connective components, and it is necessary to clarify the allowable load and damage tolerance performance of notched structures. In the present study, UACS laminates were fabricated using the continuous carbon fiber reinforced polymer (CFRP) prepreg, on which regularly arrayed bi-angled slits were introduced by a commercial numerical control cutter. The tensile strength and strain distribution around the open hole of the notched UACS laminate were experimentally investigated, while the damage progression near the open hole of the notched UACS laminate was analyzed by the finite element method (FEM). The tensile strength of the notched UACS laminate was measured at 298 MPa, which is about 60% of the strength of the unnotched UACS laminate. The simulation results match well with the experimental results, although there is a little overestimate on strength, by about 5% and 7%, for unnotched and notched UACS laminates, respectively. The final critical failure mode for the notched UACS laminate is mainly dominated by the delamination instead of the fiber breakage in the unnotched UACS laminate.