Micro-braiding and co-wrapping techniques have been developed over a few decades and have made important contributions to biocomposites development. In this present study, a set of flax/polypropylene (PP) micro-braided and co-wrapped yarns was developed by varying different PP parameters (PP braiding angles and PP wrapping turns, respectively) to get different flax/PP mass ratios. The effects on textile and mechanical characteristics were studied thoroughly at the yarn scale, both dry- and thermo-state tensile tests were carried out, and tensile properties were compared before and after the braiding process to study the braidabilities. It was observed that PP braiding angles of micro-braided yarn influenced the frictional damage on surface treatment agent of flax roving, the cohesive effect between PP filaments/flax roving, and the PP cover factor; PP wrapping turns of co-wrapped yarn had a strong impact on the flax roving damage and the PP coverage, which further influenced the characteristics. Micro-braided yarn and co-wrapped yarn with the same flax/PP mass ratio were compared to evaluate the two different hybrid yarn production techniques; it was proven that micro-braided yarn presented better performance.