This study investigates the possibility of utilizing basalt chopped fiber in order to prepare a thermally stable fiber reinforced composite. Bi-component resin system using epoxy and benzoxazine monomer is proposed and its cure characteristic is evaluated by FT-IR and DSC. Copolymerization of epoxy resin upon curing with benzoxazine is carried out in the absence of a strong catalyst. Through the evaluation of $T_g$ of the epoxy-benzoxazine copolymer resin and its composite, it is clear that the incorporation of basalt fiber in composite has a great role and advantage. Also, this study systematically evaluates the apparent char yield and net char yield gain of the composites using TGA thermograms. Based on the results of DSC and TGA, it is advised that the favorable composite composition can be prepared from the range of 20 % to 50 % of epoxy content with 10 % of basalt fiber.