Currently, biobased epoxy resins derived from plant oils and natural fibers are available on the market and are a promising substitute for fossil-based products. The purpose of this work is to investigate novel lightweight thermoset fiber-reinforced composites with extremely high biobased content. Paying attention to the biobased content, following a cascade pathway, many trials were carried out with different types of resins and hardeners to select the best ones. The most promising formulations were then used to produce flax fiber reinforced composites by vacuum bagging process. The main biocomposite properties such as tensile, bending, and impact properties as well as the individuation of their glass transition temperatures (by DSC) were assessed. Three biocomposite systems were investigated with biobased content ranging from 60 to 91%, obtaining an elastic modulus that varied from 2.7 to 6.3 GPa, a flexural strength from 23 to 108.5 MPa, and Charpy impact strength from 11.9 to 12.2 kJ/m2. The properties reached by the new biocomposites are very encouraging; in fact, their stiffness vs. lightweight (calculated by the E/ρ3 ratio) is comparable to some typical epoxy–glass composites.