of the first furnace passes through the furnaces and it is ultimately converted to activated carbon product when taken out of the outlet 5 of the second furnace so that activated carbon products can be manufactured continuously in a dry process it is another characteristic feature of the apparatus for manufacturing activated carbon fiber according to the present invention that property of the surface of activated carbon fibers or products to be obtained can be made hydrophilic or hydrophobic as desired by the process namely in order to make the surface hydrophilic an activating agent may be introduced into both the first and the second furnaces to bake the precursor in an oxidizing atmosphere otherwise in order to make the surface hydrophobic an activating agent may be introduced into the first furnace to activate the precursor and an inert gas may be introduced into the second furnace instead of an activating agent to bake the precursor in a reducing atmosphere it is preferable that a large quantity of gas generated during the process of pyrolysis and activation reactions should be processed with an exhaust gas treatment apparatus since the generated gas ascends through inside of the first and second furnaces it is preferable to provide the exhaust gas treatment instruments 9 and 10 in the upper part of the furnaces either the direct combustion type or the catalysis combustion type may be employed for the exhaust gas treatment instruments 9 and 10 there is no specific limitation for the material of the furnace in the present invention a material conventionally used for a muffle furnace may be employed such as stainless steel.