In recent times, hybrid composite materials have gained prominence as a replacement for conventional composite materials due to their superior characteristics. This study centers on assessing the elastic and thermal properties of unidirectional hybrid composites composed of natural fibers and polymers. These composites are developed by combining banana and jute fibers in four varying weight proportions, which are then impregnated with epoxy resin. The resulting specimens are manufactured and subjected to testing according to ASTM standards. The empirical findings serve as a benchmark against which outcomes from numerical simulations and analytical techniques are validated. The numerical aspect involves the implementation of a finite element model using ANSYS software. This model is based on a three-dimensional micromechanical Representative Volume Element (RVE) with both square and hexagonal packing configurations. This approach encapsulates the hybrid fiber composite’s structural characteristics. Additionally, various analytical methods, such as the rule of hybrid mixture, Halpin–Tsai, and Lewis and Nielsen approaches, are employed to calculate the elastic and thermal properties of the hybrid composite material. Comparing the results, it is evident that the outcomes derived from finite element analysis closely correspond to the experimental data and analytical predictions. Particularly noteworthy is the reduction in longitudinal and transverse thermal conductivity of the hybrid composites by 32.95% and 48.57%, respectively, at the highest fiber content. These changes are influenced by parameters like fiber loading, void fraction, and the chosen RVE. This study underscores the efficacy of employing the homogenization technique through finite element analysis for the advanced prediction of material properties. In summary, hybrid composite materials exhibit promising potential, and this research offers valuable insights into their behavior under varying conditions.