Basalt fiber is a new environmentally-friendly material with excellent potential for soil reinforcement in geotechnical engineering construction. This study explores the effects of freeze–thaw cycles on the unconfined compressive strength (UCS) and P-wave velocity (Vp) of lime-stabilized basalt fiber-reinforced loess. Reinforced loess samples with different proportions of basalt fiber and lime were subjected to 0, 1, 5, and 10 freeze–thaw cycles, and their UCS and Vp were subsequently measured. The test results showed that the addition of basalt fiber and lime to loess could enhance strength and improve resistance against freeze–thaw damage, and the freeze–thaw damage of reinforced loess decreases with the increase of basalt fiber content and length. A relationship between UCS and Vp of the reinforced samples was obtained for the same number of freeze–thaw cycles, and this relationship exhibited linear characteristics. The fitting results indicate that the Vp can be used to estimate the UCS after freeze–thaw damage. The research results not only have important practical significance in the application of basalt fiber in geotechnical engineering but also provide a reference for the non-destructive testing of the strength of loess after freeze–thaw cycles.