Many efforts have been made to create light-weight materials that maintain excellent physical and chemical properties, aiming at energy savings and property enhancement for aerospace, automotive, marine, and industrial applications over the past few decades. Among them, carbon fibers and their composites have attracted significant attention because of their unique properties, including high strength and modulus, novel dimensional stability, high surface area/volume ratios, low coefficient of thermal expansion, etc. Therefore, they have been widely applied in fields of energy storage, filtration, aircraft, etc., via advanced manufacturing technologies (i.e., wet/melt spinning, solution casting, 3D printing, etc.). The main aim of this Special Issue is to tackle the points mentioned above for the preparation, characterization, and properties of advanced carbon fibers and their composites to offer an insight into them, facilitating their practical applications in various fields.