Carbon fiber prepared from asphalt may be a critical type of low-weight chemical material of excellent mechanical performances. Here, an isotropic spinnable asphalt (EBA) was prepared from ethylene tar residue (ETR) by a two-step method of bio tar residue (BTR) through co-polymerization-air blowing, and isotropic asphalt carbon fibers were prepared from the product asphalt. The main types of molecules contained in the two feedstocks were determined by 1H NMR and LDI-TOF MS analyses. The co-polymerization behavior and thermal stability of the asphalt blends were analyzed using polarized light microscopy and thermogravimetric analyzer, respectively. Finally, the morphology and mechanical properties of carbon fibers made from EBA were evaluated by scanning electron microscope and universal testing machine. The results show that BTR contains much more oxygen-containing functional groups and unique long-chain sawtooth molecular structure; the former can promote the reactivity of the co-polymerization reaction, and the latter can limit the formation of large-plane cyclic aromatic hydrocarbon polymers due to the spatial resistance effect to greatly reduce the content of the mesophase. The softening point of the product asphalt shows a tendency of increasing and then decreasing with the increase of the proportion of BTR in the raw material mixture, and a reaction mechanism based on linear and bulky molecules is proposed to explain it by analogy with the structure of macromolecules. Consequently, the EBA made from a mixture of ETR and BTR at ideal moderate proportions has excellent performance in terms of softening point and mesophase content than ETRO made from ETR alone, and the carbon fiber made has a high tensile strength of 1.82 GPa with an elastic modulus of 38.9 GPa, which has reached the level of high tensile strength carbon fiber. Therefore, the use of inexpensive renewable energy bio-asphalt in the modification of heavy oil to obtain high softening point isotropic asphalt for preparing isotropic carbon fiber with excellent properties is achievable.