The jet swell effect in the wet spinning of polyacrylonitrile (PAN) fiber was studied by optical microscopy and the jet swell ratio was obtained through directly measuring the diameter of the freely extruded fibers. For reflecting the actual drawing situation of the fibers in the coagulation process, the jet stretches were then corrected from the apparent values to the true values, and their effect on the cross-sectional morphology, internal structure, and orientation of the wet-spun PAN fibers was studied by optical microscopy, scanning electron microscopy, and X-ray diffraction, respectively. The results showed that jet stretch plays an important role in eliminating the adverse effects caused by the jet swell effect and affects the fiber structure; PAN fibers of uniform denier, dense and homogenous structure, and high orientation can only be obtained at a suitable jet stretch.