Oxidized PAN (OXI-PAN) fibers were used for the precursors of activated carbon fiber in study. How drying temperature affected the properties of carbon fibers on activating process of carbon fibers was investigated. The specific surface areas of activated carbon fibers have been determined on a series of chemically activated carbons with KOH and NaOH. The experimental data showed variations in specific surface area, iodine and silver adsorptions by the activated carbon fibers. The amount of iodine adsorption increases with increasing specific surface areas in both activation methods. This was because the ionic radius of iodine was smaller than the interior micropore size of activated carbon fibers. Silver adsorbed well in NaOH activated carbon fibers rather than KOH activated carbon fibers in this study.