During the last few years, the hybrid composite materials are replacing the conventional composite materials because of their superior properties. In the present communication, unidirectional banana-jute hybrid fiber-reinforced epoxy composites were prepared by varying the fiber content from 0 to 40 wt% with different weight ratios. The physical and thermal properties of the hybrid composites were tested as per ASTM standards. The influence of fiber content on density, thermal conductivity, specific heat, thermal diffusivity, thermal stability, and water absorption of hybrid composites was investigated. A new micromechanical model for the transverse thermal conductivity of hybrid fiber-reinforced polymer composites is developed using the law of minimal thermal resistance and equal law of specific equivalent thermal conductivity. The results are validated with the results obtained by experimental, numerical simulation, and analytical methods existing in the literature. In numerical, steady state heat transfer simulations were performed to calculate thermal conductivity by using ANSYS software. It is encouraging to notice that the experimental and numerical results are in close approximation with the values predicted by the micromechanical model suggested in this work. It is found that the measured properties of the hybrid composites are suitable for building components and automobiles in order to decrease energy consumption.