In order to remedy the defects of existing steel-polyvinyl alcohol (PVA) hybrid fiber engineered cementitious composites in terms of high cost and narrow engineering applications, in this paper, a new multicomponent hybrid fiber engineered cementitious composite (MFECC) was prepared by partially replacing Japanese PVA fibers with cheap domestic PVA fibers. The flexural performance and damage morphology of MFECC sheet specimens were studied, the flexural toughness and cost-effectiveness of specimens were evaluated, and the ultimate flexural performance prediction model was established by multiple non-linear regression method of SPSS software. The results show that the strain-hardening mechanical behavior and multiple cracking phenomenon of MFECC sheet after the introduction of domestic PVA fibers are reduced compared with that when only Japanese PVA fibers are mixed, but it still has high strength and ductility. When the volume admixture of steel fiber, Japanese PVA and domestic PVA fiber are 02%, 0% and 2.0%, MFECC ultimate tensile strain is 4.4%, compressive strength is 46.39 MPa, and ultimate flexural deflection reaches 12.697 mm, which has the highest cost-effectiveness. The established model for predicting ultimate flexural performance of MFECC sheet specimens has a good fit to the test values.