Ethylene residue pitch (ETP, the heavy component in ethylene residue tar) is widely used as a preferred raw material for preparing petroleum-based artificial carbon materials characterized by high carbon content, high aromaticity, and low heteroatom (S, N) content. To investigate the coking properties of ETP, eight components of ETP (four soluble and four insoluble components) were obtained via extraction and separation using methanol, n-butanol, n-hexane, and dimethyl sulfoxide as solvents. The thermal conversion (temperature = 500 °C) and carbonization treatment (temperature =1400 °C) were carried out on each pitch component. The basic physical properties of ETP components were observed using infrared spectroscopy, thermogravimetric analysis, and 1H-NMR. The microstructure of the petroleum-based pitch coke was studied using polarizing microscopy, X-ray single crystal diffraction (XRD), Raman spectroscopy, and scanning electron microscopy. The aromaticity of the insoluble components in ETP was slightly higher than that of soluble components, and the insoluble components had slightly fewer branching chains than those in soluble components. The microstrength of the ETP coke obtained using insoluble components was higher than that obtained using soluble components, and the true density of ETP coke HS-C was as high as 2.0554 g/cm3.