To alleviate the environmental problems caused by scrap tire and tailings disposal, the performance of recycled tire polymer fiber (RTPF)-reinforced cemented paste backfill (CPB) was investigated. Ordinary CPB, commercial poly-propylene fiber (CPPF) and reinforced CPB were also investigated for comparison. Slump tests, unconfined compression tests and a cost–benefit analysis were conducted. The results indicate that the flowability of the RTPF-reinforced CPB decreased with the increasing fiber content. The failure strain, unconfined compressive strength, and toughness values were generally higher than that of ordinary CPB (i.e., CPB without any fiber reinforcement). However, the mechanical properties would not be improved continuously with increasing RTPF content. It was found that the inclusion of RTPFs achieved the best improvement effect with the best mechanical properties of CPB at the fiber content of 0.6%. The failure mode of the RTPF-reinforced CPB was safer than that of the ordinary CPB. Microscopic observations indicated that the bond between RTPFs and the CPB matrix could affect the mechanical properties of the RTPF-reinforced CPB. From the cost–benefit analysis, the inclusion of RTPFs to reinforce CPB could gain relatively high mechanical properties with a low material cost.