Nanofibrillated cellulose (NFC) is a sustainable functional nanomaterial known for its high strength, stiffness, and biocompatibility. It has become a key building block for the next-generation of lightweight, advanced materials for applications such as consumer products, biomedical, energy storage, coatings, construction, and automotive. Tunable and predictable durability under environmental impact is required for high performance applications. Bio-based poly (butylene succinate) (PBS) composites containing up to 50% NFC content were designed and aged in distilled water or at high relative humidity (RH98%). PBS/NFC composites are characterized by up to 10-fold increased water absorption capacity and diffusivity and the data are correlated with model calculations. Aged samples exhibited decreased crystallinity and melting temperature. Incorporation of NFC into PBS showed up to a 2.6-fold enhancement of the elastic modulus, although accompanied by a loss of strength by 40% and 8-fold reduction in the strain at failure of maximally loaded composites. Hydrothermal ageing had almost no influence on the tensile characteristics of PBS; however, there were considerable degradation effects in PBS/NFC composites. Altered reinforcement efficiency is manifested through a 3.7-fold decreased effective elastic moduli of NFC determined by applying the Halpin–Tsai model and a proportional reduction of the storage moduli of composites. The adhesion efficiency in composites was reduced by hydrothermal ageing, as measured Puckanszky’s adhesion parameter for the strength, which decreased from 3 to 0.8. For the loss factor, Kubat’s adhesion parameter was increased by an order. PBS filled with 20 wt.% NFC is identified as the most efficient composition, for which negative environmental degradation effects are counterbalanced with the positive reinforcement effect. The PBS matrix can be used to protect the NFC network from water.