With the advancement of battery technology, graphite as a negative electrode material for commercial lithium-ion batteries (LiBs) is reaching the limit of its capacity, and mesoporous carbon with a larger capacity is regarded as its best alternative. In this paper, waste cotton is used as the carbon source, and KOH and urea are used as pore formers and pore size regulators to prepare uniform mesoporous materials (N-PCC800) with a pore size distribution of 2–5 nm. Compared with the traditional KOH pore-making method, the addition of urea can adjust the pore size upward, thereby increasing the effective number of pores for Li+ insertion. While optimizing the structure, urea can also be used as an additional nitrogen source for the material to enrich the content of heteroatoms and defects, thereby increasing the amount of Li+ adsorbed by porous carbon. As an anode material, N-PCC800 exhibits a stable discharge capacity (1086 mAh g−1 at 100 mA g−1) far exceeding that of graphite. At a current density of 1000 mA g−1, there is still a capacity of 596 mAh g−1 remaining after 1000 cycles, indicating its advantages in rate performance and cycle performance. The optimized pore size and higher nitrogen content endow the carbon material with higher Li+ storage performance, and further kinetic analysis indicates that the increased capacity comes from the increased Li+ insertion. This work proposes a new pore size optimization scheme to obtain high-capacity mesoporous carbon, which provides an effective scheme for the reuse of waste cotton and cotton products and helps achieve the goal of carbon neutrality.