Pitch-based carbon fiber tows were prepared from naphtha cracking bottom oil by reforming and carbonization. The relationship between exothermic heat and carbon contents of the fiber was investigated by changing the carbonization conditions. The carbon contents and the crystallinities of isotropic pitch-based carbon fibers were 86.8~93.8 wt% and 33.7~40.1%, respectively, which were linearly proportional to the increase of carbonization temperature from 700 to 1000oC. The exothermic heat (temperature increase) of fiber tows was measured in a short time, which was also linearly proportional to the increase of carbon contents due to the increase of crystallinity, even though the crystallinity was low. Therefore, the carbon contents or carbonization degree of fibers can rapidly and indirectly be estimated by measuring the surface temperature increase of fibers.