In recent days, natural fibers are extremely influential in numerous applications such as automobile body building, boat construction, civil structure, and packing goods. Intensification of the properties of natural fibers is achieved by blending different natural fibers with resin in a proper mixing ratio. This investigation aims to synthesize a hybrid polymer matrix composite with the use of natural fibers of flax and loops of hemp in the epoxy matrix. The synthesized composites were characterized in terms of tribological and mechanical properties. The Taguchi L16 orthogonal array is employed in the preparation of composite samples as well as analysis and optimization of the synthesis parameters. The optimization of compression molding process parameters has enhanced the results of this investigation. The parameters chosen are percentage of reinforcement (20%, 30%, 40%, and 50%), molding temperature (150 °C, 160 °C, 170 °C, and 180 °C), molding pressure (1 MPa, 2 MPa, 3 MPa, and 4 MPa), and curing time (20 min, 25 min, 30 min, and 35 min). From the analysis, it was observed that the percentage of reinforcement is contributing more to altering the fatigue strength, and the curing time is influenced in the impact and wear analysis.