In this paper, ‘one-step’ molding process was used to prepare r-PET fiber-reinforced PE composites. Effects of compatibilizer HY-3308 and fiber content on interfacial properties, thermal properties, mechanical properties, and the fiber dispersion of the composites were studied. FTIR, contact angle test, and SEM results indicated that the compatibilizer improved the interfacial combination between the PET fiber and PE matrix. DMA, DSC, mechanical properties, density, and SEM results indicated that with an increase of HY-3308 content, bonding between the fiber and matrix became tight; the phase interface became blurred, and the mechanical properties were gradually improved. Such a ‘one-step method’ preparation of the r-PET fiber-reinforced PE composites is simple, which is beneficial for the industrialization of recycling processes for r-PET fiber.