In the present study, the cotton stalk fiber (CSF) was modified by sequential two steps of alkali and copper ethanolamine (CE) solution treatment. The unmodified and modified CSF/poly(vinyl chloride) (CSF/PVC) composites were prepared. The mechanical and physical performances of the various CSF/PVC composites were studied comparatively. By the modification of CE solution, all the tensile strength, tensile modulus, impact strength, water resistance, and heat distortion temperature of samples were enhanced continuously. The sample with comprehensive properties was obtained using 2% concentration of CE. The composites were also prepared with different CSF content. By increasing the CSF loading, all the tensile strength, elongation at breakage, tensile modulus, and heat distortion temperature of samples were enhanced. The existence of copper on the surface of CSF improved the thermal stability of the CSF/PVC composites. Water retention value, oil retention value, and scanning electron microscope were applied to reveal the components and microscopic change of the composites. The possible reaction mechanism of modification was proposed based on the experimental results and according to the previous literature. This method reported here may provide a new way for the fabrication of CSF/PVC composite in engineering applications.