This investigation deals with the property characterization of polymeric composites from abundantly available and renewable jute fibers. The aim of this article is to explore the possibility of using carpet waste jute yarn for value added fiber-reinforced composite materials and to investigate the physical and mechanical properties of these low-cost composites. Jute yarn was treated with 25wt% NaOH solution to improve fiber-matrix interface. NaOH-treated jute yarn was crimpier, bulkier, more hairy, and flexible. The investigation of the mechanical properties of composites was performed as a function of yarn type, reinforcement form, matrix type, alkali treatment, and fiber content. For this purpose, the tensile, flexural and charpy impact tests were performed. It was found that composite samples from alkali treated reinforcement had better mechanical properties based on the investigated parameters. SEM analyses showed that alkali treatment improves bonding across the fiber-matrix interface. Jute-epoxy composites showed better tensile and flexural strength in comparison to jute-polyester composites, whereas impact strength of epoxy matrix composites were almost half that of polyester matrix composites. Composites from double ply jute yarns showed better flexural strength. Taking into account the reinforcement form, jute composites from random reinforcement form showed higher tensile strength and modulus. The study strongly suggests that the jute fiber waste-reinforced polymer composite materials are quite capable to serve as a potential cost effective, technologically viable, and attractive substitute to the conventional glass fiber composites.