In this study, methods of adding value to cow manure were studied. Due to the properties of cow manure, activated carbon with a high surface area can only be produced by increasing the fixed carbon ratio and removing the ash content. Activated carbon was fabricated using five different treatments: (1) raw material–chemical activation, (2) raw material–hydrothermal carbonization–chemical activation, (3) raw material–hydrothermal carbonization–chemical activation–acid washing, (4) raw material–hydrothermal carbonization–heat treatment–chemical activation, and (5) raw material–hydrothermal carbonization–chemical activation–acid washing. The products then underwent proximate, elementary, and surface area analyses. In addition, changes in activated carbon properties depending on the heat treatment temperature (300, 500, 700 °C) and the applied chemical activator ratios (1:1–1:3) were examined. The results showed that the best heat treatment temperature was 300 °C, and the cow manure to chemical activator ratio was 1:2. The heat treatment stabilization process increases the fixed carbon ratio and the solid yield, and the acid wash process removes substances that restrain the increase in surface area. Therefore, activated carbon with a surface area of 1955 m2/g can be produced after the addition of heat treatment and an acid wash to the process. In addition, the adsorption properties of activated carbon with different heat treatment conditions were studied.