Taguchi’s experimental design was employed in the melt spinning of molten mesophase pitch to produce carbon fibers. The textures of the obtained carbon fibers were radial with varied crack angles, as observed by scanning electron microscopy and polarized optical imaging. The diameter, crack angle, preferred orientation, and tensile modulus of the produced samples were examined to investigate the influence of four spinning variables. The relative importance of the variables has been emphasized for each characteristic. The results show that thicker carbon fiber can be obtained with a smaller entry angle, a higher spinning temperature, a reduced winding speed, and an increased extrusion pressure. The winding speed was found to be the most significant factor in relation to the fiber diameter. While it was observed that thicker carbon fiber generally shows improved preferred orientation, the most important variable affecting the preferred orientation was found to be the entry angle. As the entry angle decreased from 120° to 60°, the shear flow was enhanced to induce more ordered radial alignment of crystallite planes so as to obtain carbon fibers with a higher degree of preferred orientation. As a consequence, the crack angle was increased, and the tensile modulus was improved.