The influence of the fiber mat structure and the matrix rheology on the squeeze flow behavior of thermoplastic composites for compression flow molding has been investigated. An analytical model for isothermal squeeze flow has been developed and experimentally confirmed. The model is based on the role of the matrix at local fiber interaction points. The squeeze flow rheology of the composite can be evaluated from the shear flow of the pure matrix as expressed by a Carreau equation, using two micromechanical-based shift factors. It was found that the fiber mat structure influences the yield stress of the composite, but has a minor influence on the squeeze flow in comparison to the influence of the matrix.