A higher-order micromechanical framework is presented to predict the overall elastic deformation behavior of continuous fiber-reinforced composites with high-volume fractions and random-fiber distributions. By taking advantage of the probabilistic pair-wise near-field interaction solution, the interacting eigenstrain is analytically derived. Subsequently, by making use of the Eshelby equivalence principle, the perturbed strain within a continuous circular fiber is accounted for. Further, based on the general micromechanical field equations, effective elastic moduli of continuous fiber-reinforced composites are constructed. An advantage of the present framework is that the higher-order effective elastic moduli of composites can be analytically predicted with relative simplicity, requiring only material properties of the matrix and fibers, the fiber–volume fraction and the microstructural parameter γ. Moreover, no Monte Carlo simulation is needed for the proposed methodology. A series of comparisons between the analytical predictions and the available experimental data for isotropic and anisotropic fiber reinforced composites illustrate the predictive capability of the proposed framework.