The usage of basalt fiber in the engineering industries has gained significant interest due to its characteristics such as alkali resistance and enhanced mechanical properties. Similarly, E-glass-fiber-reinforced composites have been widely used in the fabrication of electrically resistive industrial components such as switches, circuit panels, and covering cases. In the present study, the tensile, flexural, thermogravimetric, and low-velocity impact characteristics of various percentages of basalt/E-glass-fiber-reinforced polymer composites fabricated via vacuum-assisted resin transfer molding were investigated. The results show that a higher volume percentage of basalt (39%) significantly enhances the impact resistance up to 45% with a moderate improvement in flexural properties. The higher the vol % of E-glass (40%), the more the tensile and flexural properties are increased, i.e., 185 N/mm2 and 227.87 N/mm2, respectively. It is concluded that by choosing the optimum hybridization method, impact resistance and other mechanical properties can be improved significantly. The thermogravimetric analysis results show that PC313534 (35 vol % basalt and 34 vol % E-glass) possesses the lowest decomposition temperature of 381.10 °C. The results from the present study indicate that the polymer composite fabricated in the present study is suitable for applications where higher structural-load-resistive properties are required.