2D-T700/E44 composite materials were prepared by improved compression molding process (ICM) then microstructure and properties of the composites were analyzed and summarized by scanning electron microscope (SEM) and electronic universal testing machine. It is found that defects will occur when the process parameters are not controlled properly and the main defects of composite materials include inadequate resin impregnation, weak interlaminar binding force, fiber displacement warping, hole and brittle fracture. Moreover, there are significant differences in the infiltration microstructure, bending properties, and fracture morphology of the composite materials with different defects. When the defects of weak interlaminar binding force and brittle fracture occur, bending properties of composite materials are relatively low, and they are 220 MPa and 245 MPa, respectively, which reach 34.9% and 38.9% of the bending strength of composite material whose defects are effectively controlled. When the process parameters are reasonable and the defects of the composite materials are effectively eliminated, the bending strength can reach 630 MPa. This will lay a foundation for the preparation of 2D-T700/E44 composite materials with ideal microstructures and properties by ICM.