Low strength and low impact toughness are two of the main issues affecting the use of lightweight aggregate concrete in harsh cold environments. In this study, the strength of concrete was improved by adding high-strength fibers to bear tensile stress and organize crack propagation. Four sets of comparative experiments were designed with freeze–thaw cycles of 0, 50, 100, and 150 to study the mechanical properties of fiber-reinforced lightweight aggregate concrete under freeze–thaw conditions. A detailed study was conducted on the effects of freeze–thaw on the compressive strength, flexural strength, impact toughness, and microstructure of concrete with different fiber contents (3, 6, and 9 kg/m3). The results show that for ordinary lightweight aggregate concrete, under the freeze–thaw cycle, the internal pore water of the concrete froze and generated expansion stress, resulting in tensile cracks inside the concrete. The cracks gradually accumulated and expanded, ultimately leading to cracking and damage of concrete structures. After 150 cycles, the strength loss rate exceeded 25%. When adding a reasonable amount of fiber (6 kg/m3), the fiber took on the tensile stress and hindered the development of internal cracks, significantly enhancing the splitting tensile strength, flexural strength, and impact toughness of lightweight aggregate concrete. And the failure pattern of concrete was significantly improved. At the beginning of the freeze–thaw cycle, the internal tensile stress was less than the fiber tensile strength and the fiber–matrix bonding strength, and the strength reduction rate of the concrete was slow. Relying on the friction absorption capacity between the fiber and the matrix, the fiber used its own deformation to resist the tensile stress. In the late stage of the freeze–thaw cycle, due to the destruction of the fiber–matrix transition zone structure, the bond strength decreased, the crack resistance and toughening effect decreased, and the strength of the concrete decreased rapidly. Moreover, the reduction in impact toughness was greater than the compressive strength and flexural strength under static load.