Structural changes of high modulus carbon fiber by oxidation in carbon dioxide gas using SEM, TEM, and XRD have been observed. It was shown that the originally high modulus carbon fiber is composed of highly ordered graphitic crystalline area and non-crystalline area. It was observed that the La increases during the whole oxidation process. It was shown that the oxidation of high modulus carbon fiber initiates at the non-crystalline area and at the ends of fiber. The large pores developed in fiber by direction of fiber length at high temperature (1,100℃), and the small pores developed on the fiber surface at low temperature (900℃). In conclusion, it is found that the oxidation of the carbon fiber was progressed through the imperfection.