This study explores the development of a multifunctional composite material by incorporating carbon black (CB) into an epoxy matrix reinforced with 30 vol% jute fabric. The objective was to evaluate the impact of CB on the composite's tensile properties, ballistic performance, and electromagnetic shielding effectiveness (SE) within the X-band frequency range (8.2–12.4 GHz). The epoxy composite with 30 vol% jute and 5 vol% CB (EJ30/CB5) exhibited a 15% improvement in tensile strength and elastic modulus compared to the epoxy composite with 30 vol% jute (EJ30) only. Ballistic tests indicated no significant increase in absorbed energy or limit velocity, which may be attributed to the structural rigidity introduced by CB. Electromagnetic shielding analysis revealed that CB addition significantly enhanced SE from ~2 dB in neat epoxy to 5–8 dB in EJ30/CB5, with absorption emerging as the primary shielding mechanism. The findings highlight the potential of CB and jute-reinforced epoxy composites for applications requiring both mechanical robustness and electromagnetic interference shielding.