Stabilization is the most complicated and time-consuming step in the manufacture of carbon fibers (CFs), which is important to prepare CFs with high performance. Accelerated stabilization was successfully demonstrated under effective plasma irradiation-assisted modification (PIM) of mesophase pitch fibers (PFs). The results showed that the PIM treatment could obviously introduce more oxygen-containing groups into PFs, which was remarkably efficient in shortening the stabilization time of PFs with a faster stabilization heating rate, as well as in preparing the corresponding CFs with higher performance. The obtained graphitized fiber (GF-5) from the PF-5 under PIM treatment of 5 min presented a higher tensile strength of 2.21 GPa, a higher tensile modulus of 502 GPa, and a higher thermal conductivity of 920 W/m·K compared to other GFs. Therefore, the accelerated stabilization of PFs by PIM treatment is an efficient strategy for developing low-cost pitch-based CFs with high performance.