3D printing, particularly “fused filament fabrication” (FFF), plays a crucial role in Industry 4. FFF is widely used for creating complex structures and multi-material parts across various industries such as food industry, fashion industry, and manufacturing sectors. The properties of FFF-produced objects are remarkably affected by printing parameters. This study explores the impact of printing parameters and the addition of short carbon fibers on the strength of polylactic acid (PLA) printed samples. The lowering layer height, increasing feed rate and extrusion temperature boost impact strength, while a smaller raster angle enhances it. Meanwhile, an improved flexural strength is achieved by adjusting layer height, extrusion temperature, and raster angle. Higher extrusion temperatures enhance tensile strength, microstructure, and reduce porosity. Lower layer height improves flexural and impact strength (28.05% increase in 0.1 mm layer height), higher feed rate boosts strengths (12.56% improvement in 7 mm3/s feed rate), and elevated extrusion temperatures enhance impact strength (14.49% increase in 230 °C extrusion temperature) but reduce flexural strength (14.44% decrease). Incorporating carbon fibers in PLA negatively affects the microstructure but increases crystallinity, raising the melting temperature and lowering cold-crystallization temperature. The introduction of carbon fibers into PLA results in a complex interplay of mechanical and thermal properties.