In this study, 50% iron ore tailings (IOTs) were used to prepare the cemented mortar at low economic costs and with great environmental benefits. Basalt fiber (BF) and polyacrylonitrile fiber (PANF) were added to the tailing mortar to improve the comprehensive performance of tailing mortars, including BF (0~0.5%), PANF (0~0.05%) and the combination of them. The results show that the addition of BF and PANF can significantly improve the ultrasonic velocity, uniaxial compressive strength (UCS), split-tensile strength (STS), flexural strength (FS) and toughness of the tailing mortar. A novel finding is that the enhancement of hybrid fibers is much better than single fiber, and the best hybrid fiber combination is B0.25P0.05 (0.25 wt% BF and 0.05 wt% PANF), because this combination not only causes the most considerable increase in strength but also possesses great cost-effectiveness. Compared to the B0P0 group without fibers, the maximum increments of B0.25P0.05 in UCS, STS and FS are 45.74%, 52.33% and 15.65%, respectively. It is evidenced that the improvement in STS is the largest because the fibers have good cracking resistance and bridging effect in the tailing mortar. The scanning electron microscope (SEM) further confirms that too many hybrid fibers will agglomerate and produce more voids, which is harmful to the development of the internal structure. Beyond B0.25P0.05, the hydration products are also reduced due to the decrease in nucleation sites, observed by combining X-ray diffraction (XRD) tests. Therefore, it is suggested that the hybrid fibers containing 0.25% BF and 0.05% PANF should be used in this tailing mortar.