Coal tar is the primary feedstock of premium graphitizable carbon precursor. Coal tars are residues formed as byproducts of thermal treatments of coal. Coal tar pitches were prepared through two different heat treatment schedules and their properties were characterized. One was prepared with argon and oxidation treatment with oxygen; the other was prepared with oxygen treatment at low temperature and then argon treatment at high temperature; both used coal tar to prepare coal tar pitches. To modulate the properties, different heat treatment temperatures (300~400˚C) were used for the coal tar pitches. The prepared coal tar pitches were investigated to determine several properties, such as softening point, C/H ratio, coke yield, and aromaticity index. The coal tar pitches were subject to considerable changes in chemical composition that arose due to polymerization after heat treatment. Coal tar pitch showed considerable increases in softening point, C/H ratio, coke yields, and aromaticity index compared to those characteristics for coal tar. The contents of gamma resin, which consists of low molecular weight compounds in the pitches and is insoluble in toluene, showed that the degree of polymerization in the pitches was proportional to C/H ratio. Using an oxidizing atmosphere like air to prepare the pitches from coal tar was an effective way to increase the aromaticity index at relatively low temperature.