The catalytic upgrading of coal pyrolysis volatiles is an effective technique to achieve clean and efficient conversion of low-rank coal. However, a major problem in this process is catalyst deactivation caused by coke deposition. This study investigated the catalytic cracking effect of activated carbon and metal-modified activated carbon on coal pyrolysis volatiles. It also explained the physical and chemical properties of coke and its formation mechanism related to volatile cracking. The results indicate that phenolic oils, pitch, oxygen-containing compounds, and polycyclic aromatics are linearly related to the coke deposited on the surface of carbon-based catalysts. These compounds act as precursors and are easily transformed into coke via cracking, deoxidation, crosslinking, and polycondensation reactions when the cracking rate of volatiles does not match the hydrogen supply rate. The micro-morphology of coke is primarily composed of amorphous carbon, which is mainly found in pores ranging from 0.50 to 5.00 nm and on the outer surface of carbon-based catalysts. The chemical structure of coke primarily consists of large aromatic clusters containing at least six benzene rings and oxygen-containing cross-linking compounds with a high degree of graphitization and a low number of carbon structural defects. This results in an increase in radical concentration of carbon-based catalysts, as well as a decrease in combustion reactivity. The outcomes will aid in controlling coke deposition during catalytic cracking of pyrolytic volatiles of low-rank coal.