This paper reviews the processing, properties, and structure of carbon fibers. Carbon fibers are derived from several precursors, with polyacrylonitrile being the predominant precursor used today. Carbon fibers have high strength (3–7 GPa), high modulus (200–500 GPa), compressive strength (1–3 GPa), shear modulus (10–15 GPa), and low density (1.75–2.00 g/cm3). Carbon fibers made from pitch can have modulus, thermal, and electrical conductivities as high as 900 GPa, 1,000 W/mK, and 106 S/m, respectively. These fibers have become a dominant material in the aerospace industry and their use in the automotive and other industries is growing as their cost continues to come down.