Asphaltene, the heaviest component of crude oil, is a low-cost (about $0.05/b) refining byproduct with an annual production of about one million tons. Asphaltene is characterized by high molecular weight, high carbon content, and high aromaticity. Moreover, asphaltene is a potential candidate for the production of new carbon materials such as carbon fiber, activated carbon, graphene, and carbon nanotubes, as well as being very easy to cross-link and polymerize. However, asphaltene currently has little real market value. Apart from being used partly as a paving material, asphaltene is often disposed of as waste as a by-product of oil refining. This not only caused a huge waste of resources but also caused serious harmful effects on the environment. In the context of circular economy and carbon neutrality, how to find innovative applications for asphaltene materials and turning waste into treasure has become a key issue. To achieve this goal, this article reviews the current research status of asphaltene-derived new carbon materials and discusses the advantages and challenges of asphaltene as raw materials for the production of new carbon materials. Finally, the future research direction of large-scale production of asphaltene-based carbon materials is proposed. This work provides insights into the high-value utilization of asphaltene, which will help bring this valuable waste to new markets.