To tackle the issues of inadequate mechanical properties of recycled aggregate concrete and its limited application in load-bearing structural components, a high-performance hybrid fiber reinforced recycled aggregate concrete (HP-HFRAC) was developed in this study. Sixteen groups of HP-HFRAC specimens fabricated with varying replacement rates of recycled coarse aggregate and different fiber parameters were subjected to uniaxial compression, as well as acoustic emission (AE) tests, to investigate the cyclic behavior and uncover the underlying mechanisms. The findings demonstrated a strong correlation between the AE signals and the macroscopic phenomenon throughout the whole compression process. The AE amplitude distribution was found to be capable of identifying damage mechanisms, including matrix cracking (40–50 dB), fiber sliding (50–80 dB), and fiber pull-out (more than 80 dB). Additionally, the inclusion of hybrid fibers contributed to mitigating the degradation of stiffness and the accumulation of plastic strain, resulting in the ductile failure of the specimens and significantly enhancing the energy dissipation capacity. Specifically, the peak stress of specimens with 1.5% steel fibers increased by 19% compared to that of specimens without steel fibers, compensating for the strength loss due to the presence of recycled coarse aggregate. Finally, constitutive equations governing the skeleton curves and the unloading and reloading curves of HP-HFRAC subjected to cyclic compression were formulated, which were validated using both the test results and the predicted results of the physics-based data-driven model previously published in our companion paper. The findings of this study might contribute to the development of sustainable high performance recycled aggregate concrete for reliable application in load-bearing components.