This study investigated the flexural and impact performances of mortar composite made with carbon fibers (MCCF). Four mortar composites (MCCF1, MCCF2, MCCF3, and MCCF4) were produced, using 1%, 2%, 3%, and 4% carbon fibers by volume, respectively. Another mortar composite without any carbon fibers (MCCF0) was prepared for its use as a control mix. The freshly mixed mortar composites were tested for inverted slump cone flow time to ensure they had an adequate workability to cast test specimens under vibration. In addition, all fresh mortar composites were examined for density and air content. The hardened mortar composites were tested for their first-crack flexural strength, ultimate flexural strength, first-crack impact resistance, and ultimate impact resistance. Moreover, the first-crack flexural toughness, ultimate flexural toughness, first-crack impact toughness, and ultimate impact toughness were determined for all hardened mortar composites. The correlations among the hardened properties of the mortar composites were also sought. Finally, the optimum fiber content was defined from the overall test results and considering the costs of the mortar composites. The test results showed that the workability and density of the fresh mortar composite decreased, whereas its air content increased due to the inclusion of carbon fibers. However, MCCF3 possessed the highest density and lowest air content among all MCCF mixes. It also had a higher workability than MCCF4. In the hardened state, the first-crack flexural strength and impact resistance, as well as the ultimate flexural strength and impact resistance of mortar composite, increased significantly with the increasing volume content of carbon fibers. In addition, the first-crack flexural toughness, ultimate flexural toughness, first-crack impact toughness, and ultimate impact toughness increased greatly with the higher volume content of carbon fibers. Strong correlations between the flexural strength and impact resistance, and between the flexural toughness and impact toughness of the mortar composites, were observed. Above all, excellent flexural strength, flexural toughness, impact resistance, and impact toughness values were observed for MCCF4 (4% carbon fibers). The 28-day ultimate flexural strength and impact resistance of MCCF4 increased by 4.6 MPa and 134 blows, respectively, as compared to MCCF0. Moreover, the 28-day ultimate flexural toughness and ultimate impact toughness values of MCCF4 were higher than that of MCCF0, by 3739.7 N-mm and 2703.3 J, respectively. However, MCCF3 (3% carbon fibers) also exhibited a good performance under flexural and impact loadings. Based on the costs of all mortar composites and their performances in both fresh and hardened states, MCCF3 was derived as the best mortar mix. This implies that 3% carbon fibers can be defined as the optimum fiber content in the context of the present study.