High-purity rayon-based carbon fiber (CFRay) felt holds significant promise for applications in thermal protection systems and semiconductor crystal growth furnaces. This study employs halogen gas purification and high-temperature purification techniques in the fabrication of high-purity CFRay felt. Additionally, the influence of the purification process on the thermal insulation and oxidation resistance of CFRay felt is investigated. The glow discharge mass spectrometer analysis reveals that purification at a lower temperature of 2300 °C achieves a purity level of 6.9 ppm, surpassing both purified CFRay felt without halogen at 2300 °C (56.1 ppm) and high-temperature treated CFRay felt at 3000 °C (10.4 ppm). Thermal insulation and dynamic-static oxidation resistance tests show that the properties of CFRay felt are concurrently affected by the heat treatment temperature. Compared to high-temperature purification, halogen gas purification operates at lower temperatures, preventing the graphitization of CFRay, thereby ensuring high purity while enhancing thermal insulation and demonstrating relatively superior oxidation resistance. This study offers novel insights into the preparation and performance adjustment of high-purity CFRay felt.