Glass fiber reinforced PET matrix composite was manufactured by rapid press consolidation technique as functions of temperature, pressure and time in pre-heating, consolidation and solidification stages. The optimal manufacturing conditions for this composite were discussed based on the void content, tensile, interlaminar shear and impact properties. In addition, the levels of crystallinity with various manufacturing conditions were measured using differential scanning calorimetry to investigate the mechanical properties of this composite material as a function of crystallinity. Among many processing parameters, the mold temperature and the cooling rate after forming were found to be the most critical factors in determining the level of crystallinity and mechanical properties. The level of crystallinity affects the tensile properties to some degree. However, impact properties are affected much more. It also affects the degree of ductility, which determines the impact energy of this material.