The effect of a high-intensity earthquake on a tunnel can be catastrophic. To minimize the damage of the earthquake to the tunnel, the mechanical properties of tunnel lining need to be improved in strong earthquake areas. Thereby, this paper proposes a steel basalt hybrid fiber reinforced concrete (SBHFRC) as an alternative construction material for the lining. Then, the failure characteristics and seismic performance of SBHFRC are studied and compared with that of plain concrete (PC) and steel fiber reinforced concrete (SFRC). The results show that the toughness of SFRC is better than that of SBHFRC. Furthermore, the initial crack load and failure load of SBHFRC lining are significantly higher than that of PC lining. The numbers of cracks observed in the SBHFRC lining and SFRC lining are more than that in the PC lining. But the distribution of cracks in SBHFRC lining is relatively uniform. The bearing capacity of SFRC lining and SBHFRC lining is basically the same, although significantly higher than that of PC lining. The seismic performance of different fiber concrete linings is further explored through numerical simulation. Under strong earthquakes, the damage areas of the lining are mainly concentrated at the tunnel vault bottom and vault near the fault, and the SBHFRC damage degree and range are the smallest. Compared with PC lining, the minimum safety factors of SFRC lining and SBHFRC lining are increased by 7.5 times and 11.2 times, respectively, which shows that SBHFRC lining has good seismic performance.