In order to realize high-efficiency and high-value recycling of waste hemp fibers, the macromolecular structure, the supramolecular structure, and the morphological structure of waste hemp fibers were investigated by using Fourier transform infrared spectroscopy, X-ray diffractometry, upright metallurgical microscopy, and scanning electron microscopy. According to its structural characteristics, the sound-absorbing mechanism of waste hemp fiber was analyzed, and the reason for the good sound-absorbing performance of waste hemp fiber was clarified. The acoustic impedance transfer function test was used to analyze and compare the sound-absorbing performance of waste hemp fiber and several other fiber aggregates that could be used in the field of sound-absorbing, and the sound-absorbing performance of a waste hemp fiber composite material was tested. The research revealed that: the sequence of sound-absorbing performance of several fiber aggregates was cotton fiber, waste hemp fiber, wool fiber, and polyester fiber; that waste hemp fiber had excellent high-frequency sound-absorbing performance, with a maximum sound absorption coefficient of 0.95; and that the maximum sound absorption coefficient of the waste hemp fiber composite reached 0.93. Therefore, the waste hemp fiber has excellent sound-absorbing properties and has high application value in the field of sound absorption.