Carbon and aramid fiber hybridization is an effective method to improve the impact toughness of composites, thus this paper attempts to develop carbon/aramid hybrid weft-knitted reinforced composites to improve the impact resistance of carbon fiber composites. Three hybrid and two non-hybrid weft-knitted reinforced composites employing carbon and aramid bundles were prepared. Low-velocity impact tests at different impact energies were performed, and the impacted samples were analyzed for visual and internal damages utilizing a three-dimensional optical microscope, ultrasonic C-scan, and micro-CT to explore the damage mechanisms. The results demonstrate that the knitted stitches and loop configuration affect the peak load, deflection, and damage crack initiation and expansion of the composites. The alternating configurations of carbon and aramid fiber in the in-plane and thickness directions incorporate the advantages of the high strength of carbon fibers and the toughness of aramid, exhibiting good impact mechanical properties and damage tolerance. The tight loop laminated structure had excellent impact resistance, with prominent peak loads and tiny damage volumes, but it encountered internal delamination and loop breakages.