The aim of the present study was to investigate the degradation of the microstructure and mechanical properties of fiber cement board (FCB), which was exposed to environmental hazards, resulting in thermal impact on the microstructure of the board. The process of structural degradation was conducted under laboratory conditions by storing the FCB specimens in a dry, electric oven for 3 h at a temperature of 230 °C. Five sets of specimens, that differed in cement and fiber content, were tested. Due to the applied heating procedure, the process of carbonization and resulting embrittlement of the fibers was observed. The fiber reinforcement morphology and the mechanical properties of the investigated compositions were identified both before, and after, their carbonization. Visual light and scanning electron microscopy, X-ray micro tomography, flexural strength, and work of flexural test Wf measurements were used. A dedicated instrumentation set was prepared to determine the ultrasound testing (UT) longitudinal wave velocity cL in all tested sets of specimens. The UT wave velocity cL loss was observed in all cases of thermal treatment; however, that loss varied from 2% to 20%, depending on the FCB composition. The results obtained suggest a possible application of the UT method for an on-site assessment of the degradation processes occurring in fiber cement boards.