This study examines the ballistic and compression after impact (CAI) performance of carbon fiber/basalt fiber (CF/BF) hybrid laminates with different CF/BF ratios. C-scanning, electron microscopy, and scanning electron microscope were used to investigate the damage mechanisms, providing insights into the mechanism of the improved performance. The results show that the basalt fiber significantly enhances the energy absorption capacity of the hybrid laminates. Although the compression strength of the original hybrid laminates monotonically decreases with the increasing BF content ratio, the residual compression strength measured from CAI tests shows a locally wavy trend due to the competition between the increased energy absorption capacity and decreased original compression strength. This study offers guidance for designing lightweight, impact-resistant composite structures.