In order to improve the high added values and solve the environmental pollution problems of the waste edible oil (EO) and discarded cigarette butt (CB), the CB-derived activated carbons (ACs) were prepared by H 3 PO 4 , KOH, and CO 2 activation methods and used as an adsorbent for the decolorization of waste EO. The CB-AC@H 3 PO 4 prepared by H 3 PO 4 activation method had the high surface area of 1423 m 2 /g, oxygen contents of 11.24%, and yield of 14.11%, and exhibited better decolorization performance for EO than the CB-AC@KOH and CB-AC@CO 2 . The optimal decolorization process parameters of CB-AC@H 3 PO 4 based on the orthogonal experimental results were the AC contents of 8%, the decolorization temperature of 90 °C, and the decolorization time of 30 min, which resulted in the corresponding decolorization rate of 83%. Therefore, these provided one application case for turning waste into wealth, energy conservation, and emission reduction.