To improve heat dissipation capability and enhance mechanical properties, a series of silica aerogel (SA) and modified glass fiber (GF)-filled SBR composites were prepared. It was found that the addition of SA successfully reduced the thermal conductivity of SBR by 35%, owing to the heat shield of the nanoscale porous structure of SA. Moreover, the addition of modified glass fiber (MGF) yielded a significant increase in the tensile and tear strength of SBR/SA composite rubber of 37% and 15%, respectively. This enhancement was more pronounced than the improvement observed with unmodified GF, and was attributed to the improved dispersion of fillers and crosslinking density of the SBR matrix. Rheological analysis revealed that the addition of SA and MGF weakened the ω dependence. This was due to the partial relaxation of immobilized rubber chains and limited relaxation of rubber chains adsorbed on the MGF. Furthermore, the strain amplification effect of MGF was stronger than that of GF, leading to a more pronounced reinforcing effect.