Polyacrylonitrile (PAN)-based carbon fibers (CFs) and their composites, CF-reinforced plastics, have garnered significant interest as promising structural materials owing to their excellent properties and lightweight. Therefore, various processing technologies for fabricating these advanced materials using thermal energy have been intensively investigated and developed. In most cases, these thermal energy-based processes (heat treatment) are energy and time consuming due to the inefficient energy transfer from the source to materials. Meanwhile, advanced processing technologies that directly transfer energy to materials, such as radiation processing, have been developed and applied in several industrial sectors since the 1960s. Herein, general aspects of radiation processing and several key parameters for electron-beam (e-beam) processing are introduced, followed by a review of our previous studies pertaining to the preparation of low-cost CFs using specific and textile-grade PAN fibers and improvements in the mechanical and thermal properties of CF-reinforced thermoplastics afforded by e-beam irradiation. Radiation processing using e-beam irradiation is anticipated to be a promising method for fabricating advanced carbon materials and their composites.