Sugar beet pulp (SBP), the residue from the sugar extraction process, contains abundant dietary fibers and is mainly used for feedstuff. In this study, poly(lactic acid) (PLA) and SBP composites were prepared using a twin screw extruder. The phase structure, thermal properties, mechanical properties, and water absorption of the composites were studied. The molecular weight change of PLA in the composites was also studied. Polymeric diphenylmethane diisocyanate (pMDI) was used as a coupling agent and resulted in significant increases in mechanical properties and water resistance. The tensile strength of the PLA/SBP (70/30 w/w) composite was only 56.9% that of neat PLA, but it was increased to 80.3% with the addition of 0.5% pMDI and further increased to 93.8% at 2% pMDI. With 50% SBP and 2% pMDI, the tensile strength of the composite was 87.8% of that of neat PLA. The microstructure of the composites indicated that the addition of pMDI greatly improved the wettability of the SBP particles by PLA and increased the penetration of PLA into the porous SBP. Consequently, the failure of the composites in mechanical testing changed from extensive debonding without pMDI to progressive rupture of the SBP particles with pMDI.