Novel carbon foam composites derived from various pitch precursors have been fabricated and characterized. This paper specifically focuses on developing an effective process for fabricating the carbon foam composites from Polyacrylonitrile (PAN)-based carbon felt as a reinforcement and various readily available pitch matrix such as petroleum pitch, coal tar pitch, and mesophase pitch. The paper endeavors to develop the carbon foam composites and to carry out detailed morphological, thermal, and mechanical characterization. Traditional carbon foams have been known to offer poor mechanical performance, and hence, in this paper, the pitch-based carbon foams were innovatively reinforced with the PAN-based carbon fiber felt. Carbon foam composites were subjected to partial oxidation, and their morphological and mechanical response after the heat treatment was studied thoroughly. Thermal gravimetric analysis and thermal mechanical analysis techniques reveal an appreciable thermo-physical and thermo-mechanical response at elevated temperatures. Also, it was found out that the factors such as volatile content and quinoline insoluble fraction affect the morphology as well as the physical robustness on the composite foams.