This work investigated the extrusion pressure‐microstructure‐shape memory properties relationship of carbon fiber/basalt fiber hybrid composites with graphene oxide (GO‐CF/BF hybrid composites), and the associated mechanism was systematically discussed. GO‐CF/BF hybrid composites were fabricated by the vacuum infiltration hot pressing system (VIHPS). The critical infiltration pressure of the composite was calculated according to the dynamic infiltration model, and it was 0.09 MPa. The microstructure and shape memory properties were analyzed by scanning electron microscopy (SEM) and a shape memory testing system. The results showed that the shape fixation ratio first decreased and then increased, but the shape recovery ratio and the shape recovery force tended to initially increase and subsequently decrease with the increase in extrusion pressure. This was mainly determined by void defects. When the extrusion pressure was 0.5 MPa, the shape memory properties of the composite were excellent. Furthermore, with the increase in cycle times, GO‐CF/BF hybrid composites were damaged, and the shape memory properties all decreased. When the extrusion pressure was 0.7 MPa, fiber fracture and delamination appeared in composites, and the shape memory properties deteriorated significantly. However, when the extrusion pressure was 0.5 MPa, the fiber was fractured slightly, and the shape memory properties degenerated vaguely.