To investigate the effect of nonthermal plasma (NTP) on the microstructure and oxidation characteristics of particulate matter (PM) from diesel engines at different oxidation stages, a self-designed NTP reactor was used to conduct a timevarying oxidation test on PM samples. The oxidized PM samples were analyzed via thermogravimetric analysis and Raman spectroscopy. The results indicated that the effect of NTP could allow the elemental carbon (EC) to more easily start ignition. The oxidation activity of the EC decreased when the action time of the NTP was less than 5 min. Conversely, when the NTP action time was more than 5 min, the EC oxidation activity gradually increased. When the NTP was active for more than 10 min, it rapidly reacted with the EC, and the oxidation priority of the volatile fraction was higher than that of the EC. During the oxidation process, there are many forms of carbon structures in the particles and they have a mutual transmission relationship. The variation trend of the graphitization degree was consistent with that of the thermogravimetric results, indicating that the degree of graphitization directly affected the PM oxidation activity.