Owing to its superior mechanical properties and recyclability, the carbon fabric/polyetheretherketone (CFF/PEEK) composite has seen increasing application in engineering domains. However, studies examining the impact of hygrothermal aging on its performance remain relatively limited in the existing literature. To investigate its durability in hygrothermal environments, this study fabricated CFF/PEEK composites with a fiber volume fraction of 55 vol% and subjected them to equilibrium hygroscopic treatment at 70 °C. The hygroscopic behavior of polyetheretherketone (PEEK) resin and CFF/PEEK composites, along with their tensile and compressive properties under dry conditions at room temperature (RTD) and wet conditions at 70 °C (ETW), were systematically evaluated. The results indicated that both PEEK resin and CFF/PEEK composites exhibited Fickian diffusion behavior during the initial stages of aging but diverged in later stages. The equilibrium moisture absorption rates were approximately 0.32% for PEEK resin and 0.19% for CFF/PEEK composites. After aging at 70 °C, the strength of both materials decreased significantly, while the modulus showed only minor changes. Under ETW conditions, the tensile strength retention rate of PEEK resin was 74.92%, and the compressive strength retention rate was 81.85%. For the CFF/PEEK composites, the tensile strength retention rate was approximately 85%, and the compressive strength retention rate was about 95%. The typical failure modes of CFF/PEEK composites did not exhibit notable differences between tensile and compressive specimens after hygrothermal aging. Resin debonding was observed in the moisture-absorbed composite specimens, while no microcracks or delamination were detected. The degradation of mechanical properties is predominantly attributed to the deterioration of the resin matrix and interface characteristics, which are caused by water molecule intrusion and the adverse effects of wet strain mismatch between the resin and fibers.