A composite overwrapped pressure vessel is provided which includes a composite overwrapping material including fibers disposed in a resin matrix. At least first and second kinds of fibers are used. These fibers typically have characteristics of high strength and high toughness to provide impact resistance with increased pressure handling capability and low weight. The fibers are applied to form a pressure vessel using wrapping or winding techniques with winding angles varied for specific performance characteristics. The fibers of different kinds are dispersed in a single layer of winding or wound in distinct separate layers. Layers of fabric comprised of such fibers are interspersed between windings for added strength or impact resistance. The weight percentages of the high toughness and high strength materials are varied to provide specified impact resistance characteristics. The resin matrix is formed with prepregnated fibers or through wet winding. The vessels are formed with or without liners.