In this study, adhering to the concept of "treat waste with waste", the physicochemical properties of activated carbons (ACs) prepared from penicillin mycelial residues (PMR) was characterized, and the adsorption performance of ACs for VOCs was explored. The results showed that AC230–1 exhibited the largest specific surface area (2187.50 m2/g), while AC290–0.5 exhibited the largest microporous surface area (1624.81 m2/g). With the increase of KOH ratio, microporous surface area of ACs decreased gradually, and the pore size distribution of ACs gradually developed to large micropores and mesopores. XRD and Raman results showed that AC290–0.5 had better graphite microcrystalline structure and stability. FT-IR results showed that ACs had similar surface functional groups, and XPS results indicated that AC290–0.5 contained more CO, C-OH, and abundant N-containing functional groups, which could effectively improve the adsorption capacity of ACs for VOCs. AC290–0.5 exhibited the highest dichloromethane (DCM) saturation adsorption capacity (204.83 mg/g), trichloroethylene (TCE) saturation adsorption capacity (732.59 mg/g) and chlorobenzene (CLB) saturation adsorption capacity (735.90 mg/g). The Y–N model could perfectly fit the adsorption breakthrough curve of ACs for VOCs, and adsorption kinetics indicated that the adsorption of ACs for VOCs was mainly physical adsorption. The microporous and surface chemical group of AC were the main factors that determined its adsorption capacity for VOCs.