PAN-based carbon fibres carbonised at relatively low temperature, i.e. type III carbon fibres, were submitted to heat treatment at 2300 °C (GR) or oxidation in nitric acid. The samples were characterised by XPS, FTIR, wetting measurements, gas adsorption, elemental analysis and acid/base titration. While oxidation only slightly affects the nitrogen concentration, it produces an appreciable change in the nature of the chemical functions, namely the conversion of pyridine-type nitrogen and quaternary nitrogen into aliphatic functions. Oxidation treatment modifies all the material constituting the fibre, the oxygen concentration being about 1.5 times higher at the fibre external surface compared with the whole material. Three components (531.2, 532.6 and 533.8 eV) are clearly identified in the oxygen XPS peak, allowing a comparison to be made between the whole material and the external surface regarding chemical species. The acidic groups are mainly carboxyl. Fibres submitted to extensive oxidation also show a high basicity, attributed mainly to calcium carboxylate. Although the acidic and basic groups present in the whole material can be titrated with aqueous solutions, the fibres develop only a very small surface area and no microporosity as determined by krypton adsorption. The material may be viewed as a sponge, collapsed when dry but able to swell in water and developing a high cation-exchange capacity.