Characteristics and rates of polymerization of coal tar pitch(CTP) for general purpose carbon fiber by an air-blowing process in the bubble column reactor were investigated. The bubble column reactor contributed to increasing the polymerization reaction rate of CTP in an air-blowing process. This increase in the polymerization rate is due to the enhanced mass transfer area between molten pitch and reacting gas, and the homogeneous mixing of reactants. Toluene insoluble(TI) and Quinoline insoluble(QI), C/H ratio, and softening point of reforming pitch were increased compared to the case when raw CTP was used. Kinetic parameters, such as k value with temperature, activation energy, and frequency factor could be obtained by the continuous reaction model from the results. The optimum reforming condition from these kinetic parameters could be selected to control the reaction of CTP by the air-blowing process. The activation energy for the polymerization of pitch decreased dramatically because a little bit of oxygen which acted as a catalyst in the reaction was remained in the pitch as a hydroxyl group, ketone, ester and so on.