A microstructure analysis is carried out to optimize the process parameters of a randomlyoriented discrete length hybrid carbon fiber reinforced carbon matrix composite. The compositeis fabricated by moulding of a slurry into a preform, followed by hot-pressing andcarbonization. Heating rates of 0.1, 0.2, 0.3, 0.5, 1, and 3.3°C/min and pressures of 5, 10, 15,and 20 MPa are applied during hot-pressing. Matrix precursor to reinforcement weight ratiosof 70:30, 50:50, and 30:70 are also considered. A microstructure analysis of the carbon/carbon compacts is performed for each variant. Higher heating rates give bloated compactswhereas low heating rates give bloating-free, fine microstructure compacts. The compactsfabricated at higher pressure have displayed side oozing of molten pitch and discrete lengthcarbon fibers. The microstructure of the compacts fabricated at low pressure shows a lack ofdensification. The compacts with low matrix precursor to reinforcement weight ratios haveinsufficient bonding agent to bind the reinforcement whereas the higher matrix precursor toreinforcement weight ratio results in a plaster-like structure. Based on the microstructureanalysis, a heating rate of 0.2°C/min, pressure of 15 MPa, and a matrix precursor to reinforcementratio of 50:50 are found to be optimum w.r.t attaining bloating-free densificationand processing time.