Ethylene tar pitch (ETP), primarily derived from the residues of carbon black production and naphthalene purification in ethylene tar processing, is a polycyclic aromatic hydrocarbon with high carbon content and low ash content. It is considered a promising precursor for high-quality synthetic carbon materials. Thermal conversion is a critical step in the preparation of pitch-based carbon materials, as it largely determines the final structural quality of the carbon product. In this study, ETP was selected as the research subject, and a combination of analytical techniques, including group composition analysis, elemental analysis, Fourier Transform Infrared Spectroscopy (FTIR), polarized optical microscopy (POM), Raman spectroscopy, and X-ray diffraction (XRD) were employed to investigate the evolution of the average molecular structure and carbon microstructure during the thermal conversion process. The results indicate that with increasing thermal conversion temperature and duration, the degree of aromatic condensation in the ETP-derived products gradually increases. Simultaneously, the internal carbon microcrystals become more ordered and larger in size. Notably, when the thermal conversion temperature reaches 480 °C, the aromaticity index (Iar) sharply increases to 0.42, and anisotropic structures begin to appear under POM. This suggests that 480 °C is a critical temperature point at which ETP undergoes intensified thermal polycondensation and exhibits enhanced molecular reactivity. This study provides both theoretical and experimental support for the efficient utilization of ETP in the production of advanced carbon materials.