As the most promising biomass material, bamboo has been widely used, but at the same time, it is subject to many problems, such as processing residues and the failure of high-value utilization of residues. In this paper, bamboo powder and polybutylene succinate (PBS) were used as the main raw materials, and by changing the ratio of bamboo powder to PBS and adding polypropylene (PP) or polyethylene (PE) in combination with PBS, the effects of the ratio, as well as the effects of the use of PP and PE, on the physical–mechanical, thermal, and degradation properties of bamboo–plastic composites were investigated, and the microscopic changes of the materials were studied by chemical component analysis. The optimal formulation of bamboo powder/PBS composite material has been identified through experimentation, yielding a flexural strength of 24.87 MPa and a compressive strength of 29.74 MPa. This material can be used for outdoor furniture, wall panels, flooring, road barriers, and other applications, providing a new environmentally friendly approach to the consumption of residual bamboo materials.