Microporous activated anthracite was produced from waste anthracite powders by the conventional steam activation. The activated anthracite was also treated by supercritical water reaction (SWR) by using distilled water and hydrogen peroxide solution as a liquid medium for SWR treatment. It was found that SWR treatment can improve the mesoporosity of the activated anthracite though the micropore volume was reduced by the treatment. In liquid-phase adsorption and supercritical water regeneration studies, phenol and organic dye RED 31 were selected as the representative adsorbates. The adsorption and regeneration characteristics of activated anthracite were compared with those of a commercial activated carbon. The results indicate that the activated anthracite prepared showed comparable phenol adsorption capacity but significantly lower dye adsorption capacity than the commercial one. However, supercritical water regeneration efficiency was remarkably high. The first/second regeneration efficiencies of commercial activated carbon and activated anthracite exhausted with phenol were 55/55 and 65/65%, respectively, and in the case of RED 31, 78/79 and 338/317%, respectively, with losses of activated carbon less than 4% per regeneration. Because of little loss of activated carbon during successive regenerations, this SWR regeneration method was suitable for regenerating spent activated carbon or anthracite.