This study investigates the residual tensile behaviour of hybrid Carbon Glass fibers reinforced thermoplastic PEEK laminates after they were exposed for 5 min to a hydrogen/oxygen flame. This flame results in a severe thermal aggression characterized by a wall temperature ranging from 900 to 1270 °C and with different heat fluxes (from 200 to 800 kW/m2). The thermally-induced damages were examined by means of microscopic observations and micro CT analyses. The results show that the mass loss linearly depends on the measured heat flux for a 5 min exposure. Depending on the fire testing conditions, the mechanical properties in tension (stiffness and strength) are totally degraded after exposure to the highest heat fluxes (600 and 800 kW/m2) but the retention of the tensile properties is moderate (about −35 to −60% decrease in strength and stiffness, respectively) after exposure to a 200 kW/m2 heat flux. The residual tensile properties of CG/PEEK laminates follow master curves representing the correlations between the mass loss and the changes in the tensile properties regardless the heat flux. These master curves provide a relevant design rule for composite parts to be used under critical service conditions (H2/O2 flame exposure).