Many studies available in the literature focus mainly on the mechanical characterization of fiber, leaving out other physicochemical and thermogravimetric analyses that allow for establishing its potential as an engineering material. This study characterizes fique fiber for its potential use as an engineering material. The fiber’s chemical composition and physical, thermal, mechanical, and textile properties were analyzed. The fiber has a high holocellulose content and low lignin and pectin content, indicating its potential as a natural composite material for various applications. Infrared spectrum analysis revealed characteristic bands associated with multiple functional groups. The fiber had monofilaments with diameters around 10 μm and 200 μm, as determined by AFM and SEM images, respectively. Mechanical testing showed the fiber could resist a maximum stress of 355.07 MPa, with an average maximum strain at which breakage occurs of 8.7%. The textile characterization revealed a linear density range of 16.34 to 38.83 tex, with an average value of 25.54 tex and a regain of 13.67%. Thermal analysis showed that the fiber’s weight decreased by around 5% due to moisture removal in the range of 40 °C to 100 °C, followed by weight loss due to thermal degradation of hemicellulose and glycosidic linkages of cellulose ranging from 250 to 320 °C. These characteristics suggest that fique fiber can be used in industries such as packaging, construction, composites, and automotive, among others.