The effects of hollow glass microspheres (HGMs) content, mass ratio of hybrid fibers, and fiber length on the properties of sheet molding compound (SMC) were investigated in this study. An optimized composition is achieved for SMC composite lightweighting and reinforcement improvement. Then, the resistance to acid of the optimized SMC is investigated. Introducing the high-performance fibers, carbon fibers (CFs) or basalt fibers (BFs), into the glass fibers (GFs) reinforced SMC composites can improve the mechanical properties significantly. The CFs incorporated SMC shows lower density and higher bending strength and impact strength than those of the BFs incorporated SMC. It can be concluded the SMC filled with 5 wt% HGMs, reinforced by GFs and CFs (mass ratio of 1:1) with a fiber length of 1.5 in, shows the greatest performance. When comparing with commercially available SMC for chemical resistance, the optimized SMC shows reduced density (22%) and increased bending strength (147%) and impact strength (27%). The mechanical properties of this SMC can be preserved 85.66% for bending strength and 90.22% for impact strength after immersing in 42 wt% H2SO4 solution at 100 °C for 28 days, suggesting an excellent resistance to acid. This research paves the way for the manufacture of SMC technology and the design of lightweight and corrosion-resistant SMC materials.