In this work, environmentally-benign mesophase pitches were prepared from feed stocks obtained from two different petroleum refinery processes namely ‘clarified oil’ (CLO) from fluid catalytic cracking (FCC) unit of Fuel Block and ‘heavy extract’ (HE) from solvent extraction unit of Lube Block by giving thermal treatment at 370°C. The effect of thermal treatment and role of transition metal catalysts on development of mesophase in petroleum feed stocks have been discussed in this paper. Mesophase formation behavior in the feed stocks and microstructures of mesophase pitches produced were investigated by optical microscopic imaging. It was observed that mesophase formation in the feed stocks was slow under the influence of thermal soaking only. The addition of divalent transition metal salts of cobalt and nickel during thermal soaking accelerates the mesophase formation in pitches. The addition of 3wt% of cobalt catalyst enhanced the mesophase content (MC) from below countable limit (BCL) to 16vol% in CLO pitch and from 10 to 40vol% in HE pitch and also reduced thermal soaking time in both the cases. The 3wt% of nickel catalyst also showed similar behaviour and enhanced the mesophase content (MC) from below countable limit (BCL) to 13vol% in CLO pitch and from 10 to 18vol% in HE pitch in shorter thermal soaking time. The study further revealed that cobalt catalyst exhibited greater catalytic activity for mesophase formation than nickel catalyst. These catalysts also help to increase the yield of mesophase pitches. Pitch yield in case of uncatalysed pitch CLO-0-0 is 11.88wt% which increases to 16.22wt% (CLO-Co-3) and 15.08wt% (CLO-Ni-3), whereas in case of heavy extract pitch yield increases from 24.41wt% (HE-0-0) to 24.79wt% (HE-Co-3) and 26.16wt% (HE-Ni-3) by the addition of Co and Ni catalysts. The effect of transition metal catalysts on mesophase pitch properties such as elemental analyses (CHNS), softening point (SP), coking value (CV), toluene insolubles (TI) and quinoline insolubles (QI) have also been studied. The mesophase pitches were also characterized using NMR spectroscopy, FT-IR spectroscopy, scanning electron microscopy (SEM), energy dispersive spectroscopy, X-ray diffraction (XRD) and thermogravimetric analyses (TG/DTG).