Oxidative stabilization is an important step for isotropic pitch-based carbon fiber preparation; coal tar pitch-based fiber is treated by multi-step oxidative stabilization under various conditions to investigate the oxidative stabilization mechanism. The chemical structure changes of isotropic pitch-based fiber during the oxidative stabilization and carbonization stage are systematically characterized by In-situ diffuse reflectance infrared Fourier transform, elemental analysis, mass spectroscopy, X-ray photoelectron spectroscopy, nuclear magnetic resonance, scanning electron microscope with an energy dispersive X-ray spectrometer. These results show that the oxygen distribution gradient in oxidative stabilized fiber radial direction become homogeneously with the increasing of oxidation temperature and time under multi-step oxidative stabilization. The resultant carbon fiber shows tensile strength of 942 ± 42 MPa and Young's modulus of 42.8 ± 3.1 GPa due to appropriate oxygen content, homogeneous oxygen distribution, more cross-link bond (C-O-C) content, higher aromaticity and lower weight loss introduced in multi-step oxidative stabilized pitch fiber. The multi-step oxidative stabilization provides synergy effect between reaction rate and the oxygen diffusion rate as well as eliminates the oxygen concentration gradient, it provides an time-saving and energyeffective method for the oxidative stabilization of isotropic pitch-based carbon material (pitch fiber, pitch microsphere, etc.) and improve the resultant carbon material performance.