Polytetrafluoroethylene (PTFE) porous hollow-fiber membranes were prepared by a method involving billet preform, paste extrusion, stretching, and sintering. The influence of stretching parameters including stretching ratio, temperature, and speed was systematically investigated. The structure and properties of these membranes were characterized by field emission scanning electron microscopy, filtration performance, and mechanical strength test. The results indicate that the stretching ratio is the most significant influencing factor for the formation of various regions in the stress-strain curve. With increasing stretching ratio, the porosity, maximum pore size, and ethanol flux increase remarkably while bovine serum albumin rejection is reduced. These findings have the potential to facilitate PTFE membrane fabrication with finely tuned microporous structure for various application processes.