3D-printed carbon fiber composites hold significant potential in aerospace applications because of their lightweight, high strength and complex structure fabrication capabilities. However, additive manufacturing characteristics such as high porosity, anisotropy and continuous fiber content significantly affect the mechanical properties of printed parts. The aim of this study is to investigate the influence of hybrid printing of short and continuous carbon fibers on the mechanical properties and failure mechanisms of composites and to develop a model to predict elastic properties considering porosity. First, mechanical testing and characterization of short and continuous fiber reinforced polyamide (nylon) print filaments are performed. The results indicate that the elastic modulus and ultimate strength of continuous carbon fiber filaments reach 60 GPa and 1500 MPa, respectively, while the strength and elastic modulus of short carbon fiber filaments reach 60 MPa and 1 GPa, respectively. Then tensile specimens with different continuous fiber orientations and different continuous fiber placement sequences are printed and tested using a multi-material 3D printing technique. The specimens are characterized before and after testing using scanning electron microscopy and microscopy to assess the porosity and failure mechanisms of specimens with different configurations. The results show that the mechanical properties of the printed parts are much lower than those of the print filaments, which proves the serious negative impact of the material extrusion process on the mechanical properties of the printed structural parts. Finally, an analytical method for predicting the elastic behavior of printed composites is developed by introducing the porosity factor in the volume-averaged stiffness model. For continuous and short fiber filled composites with different fiber contents and printing orientations, the predicted results are in agreement with the experiments, and the prediction error is greatly reduced from 30 % to <5 %.