The exploitation of natural fibers to reinforce polymers is a promising practice. Thus, biocomposites have gained increased attention in automotive, construction, and agricultural sectors, among others. The present work reports the reinforcement of recycled high-density polyethylene (r-HDPE) with hemp fibers to afford composite materials as sustainable analogues to conventional wood/plastic composite (WPC) products. HDPE bottles (postconsumer waste) were used as r-HDPE and further reinforced by the addition of hemp fibers. For the synthetic part, thirteen composite materials with different filler concentrations (10–75% wt. in hemp fibers) using either Joncryl or polyethylene-grafted maleic anhydride (PE-g-MA) as compatibilizers were prepared via melt mixing. Materials with good integrity were obtained with a fiber load as high as 75% wt. The structural, thermal, mechanical, and antioxidant properties of the r-HDPE/hemp composites were evaluated using multiple complementary characterization techniques. Stereoscopic microscope images demonstrated the satisfactory dispersion of the hemp fibers into the polymeric matrix, while scanning electron microscopy microphotographs revealed an improved adhesion between the filler and the polymeric matrix in the presence of compatibilizers. The incorporation of hemp fibers contributed to the improvement of the elastic modulus of the composites (almost up to threefold increase). The results showed that as the hemp fiber content increased, the antioxidant properties as well as the degradability of the composites increased. It is noteworthy that composites containing 75% wt. hemp fibers neutralized 80% of 2,2-diphenyil-1-picrylhydrazyl radicals within 45 min (DPPH assay). In conclusion, the present research work demonstrates that thermally recycled HDPE reinforced with biomass fibers received from agricultural waste is a valid alternative for the preparation of commodity products with an eco-friendly character compared to conventional wood/plastic composites.