Lightweight and high-strength insulation materials have important application prospects in the aerospace, metallurgical, and nuclear industries. In this study, a highly porous silica fiber reinforced phenolic resin matrix composite was prepared by vacuum impregnation and atmospheric drying using quartz fiber needled felt as reinforcement and anhydrous ethanol as a pore-making agent. The effects of curing agent content on the structure, composition, density, and thermal conductivity of the composite were studied. The mechanical properties of the composite in the xy direction and z direction were analyzed. The results showed that this process can also produce porous phenolic resin (PR) with a density as low as 0.291 g/cm3, where spherical phenolic resin particles are interconnected to form a porous network structure with a particle size of about 5.43 μm. The fiber-reinforced porous PR had low density (0.372~0.397 g/cm3) and low thermal conductivity (0.085~0.095 W/m·K). The spherical phenolic resin particles inside the composite were well combined with the fiber at the interface and uniformly distributed in the fiber lap network. The composite possessed enhanced mechanical properties with compressive strength of 3.5–5.1 MPa in the xy direction and appeared as gradual compaction rather than destruction as the strain reached 30% in the z direction. This research provides a lightweight and high-strength insulation material with a simple preparation process and excellent performance.