Two types of composites, consisting of pure magnesium matrix reinforced with two commercially used carbon fibers, were systematically studied in this paper. The composites fabricated by the pressure infiltration method, were subjected to quasistatic and dynamic compression tests. Morphology of fiber strands was observed using scanning electron microscope (SEM). The application of carbon fibre reinforcement led to the stiffening of tested materials, resulting in the limitation of the possible compression to approx. 2.5%. The performed tests revealed the remarkable difference in compression strength of investigated compositions. The cause of that effect was that GRANOC fiber reinforced composite exhibited insufficient bond quality between the brittle fibers and the ductile matrix. T300 reinforced composite presented good connection between reinforcement and matrix resulting in increased mechanical properties. Investigated composites demonstrated higher mechanical strength during deformation at high strain rates. Microscopic observations also proved that the latter fibers with regular shape and dense packaging within the filaments are proper reinforcement when designing the lightweight composite material.