Acetalization has been commonly adopted to realize the improvement on the water resistance and mechanical properties of poly(vinyl alcohol) (PVA) composite fibers. However, acetalized PVA fibers only have a very low concentration of hydroxyl groups on the surface and thus have poor dyeing performance. In this case, hydroxyl-rich nanocellulose (NC) offers a fascinating solution for improving the dyeing properties of PVA fibers. Herein, we developed NC/PVA composite fibers by wet spinning the aqueous mixture of NC and PVA followed with acetalization treatment. Compared with pure PVA fibers, NC/PVA composite fibers had a significant improvement of 36% and 53% in terms of tensile strength and elongation at break when the NC content was 10 wt%, respectively. More importantly, when the NC content reached 20 wt%, the K/S value of the composite fiber was approximately threefold greater in comparison to that of the PVA fiber, indicating that the dyeing performance of NC-modified composite fibers was greatly improved. This work provides a simple and easy method to possess PVA fibers with excellent dyeing properties and mechanical properties, demonstrating the potential to realize the application of PVA fibers in more practical scenarios.