Fiber-reinforced polymer (FRP) composites, particularly carbon fiber-reinforced polymer (CFRP), glass fiber-reinforced polymer (GFRP), and their hybrid configurations, are increasingly employed in aerospace, cryogenic storage, and structural applications due to their superior mechanical properties and tailored performance. However, to date, the studies conducted have not addressed a comparative investigation of the Charpy impact behaviour of CFRP, GFRP and their hybrid configurations under low temperatures. This study investigates the Charpy impact performance of CFRP, GFRP, and CFRP/GFRP hybrid laminates across a wide temperature spectrum ranging from room temperature (RT) to cryogenic conditions (RT, −50 °C, −100 °C, −150 °C, and −196 °C). Samples were fabricated via vacuum bagging with unidirectional fibers and epoxy resin and tested at both 0° and 90° fiber orientations to examine anisotropic behavior. To complement the experimental results, a three-dimensional finite element model was developed to simulate the temperature-dependent impact response. In the numerical framework, intraply damage was modeled using a continuum damage mechanics approach based on Hashin's failure criteria, capturing fiber and matrix degradation. Interlaminar damage evolution was represented through cohesive zone elements embedded between plies to simulate delamination under impact loading. The findings reveal that temperature markedly influences energy absorption, damage morphology, and failure modes, with hybrid laminates exhibiting improved impact tolerance and balanced mechanical behavior. This integrated experimental–numerical investigation provides critical insights into the cryogenic impact performance of FRP composites, supporting the development of robust materials for demanding low-temperature environments.