Lignin, extracted from sugarcane bagasse by the organosolv process, was used as a partial substitute of phenol (40 w/w) in resole phenolic matrices. Short sugarcane fibers were used as reinforcement in these polymeric matrices to obtain fiber-reinforced composites. Thermoset polymers (phenolic and lignophenolic) and related composites were obtained by compression molding and characterized by mechanical tests such as impact, differential mechanical thermoanalysis (DMTA), and hardness tests. The impact test showed an improvement in the impact strength when sugarcane bagasse was used. The inner part of the fractured samples was analyzed by scanning electron microscopy (SEM), and the results indicated adhesion between fibers and matrix, because the fibers are not set free, suggesting they suffered a break during the impact test. The modification of fiber surface (mercerization and esterification) did not lead to an improvement in impact strength. The results as a whole showed that it is feasible to replace part of phenol by lignin in phenolic matrices without loss of properties.