The use of Fabric-Reinforced Cementitious Matrix (FRCM) systems as externally bonded reinforcement for concrete or masonry structures is, nowadays, a common practice in civil engineering. However, FRCM durability against aggressive environmental conditions is still an open issue. In this paper, the mechanical behavior of a glass FRCM system, after being subjected to saline, alkaline and freeze−thaw cycles, has been investigated. The experimental campaign includes tensile tests on the fabric yarns, compression and flexural tests on the matrix and tensile tests (according to AC434) on FRCM prismatic coupons. The effects of the different environmental exposures on the mechanical properties of both the constituent materials and the composite system have been investigated and discussed. Ion chromatography analysis has also been performed to better understand the damage mechanisms induced by environmental exposures and to evaluate the ions’ penetration within the inorganic matrix. Alkaline exposure was shown to be the most detrimental for Alkali-Resistant (AR) glass fiber yarns, causing a reduction in tensile strength of about 25%. However, mechanical properties of the FRCM composite seemed not to be particularly affected by any of the artificial aging environments.