Abstract: Petroleum asphalt, an important by-product of the petrochemical industry, has diverse applications but often suffers from low industrial added value. Because of its low cost, high carbon content, and high polycyclic aromatic hydrocarbon content, appropriate modification can increase its value and expand its energy storage applications. Current research progress on the common preparation methods of petroleum asphalt-based carbon materials, including template-assisted pyrolysis, molten salt treatment, activation, heteroatom doping, and pre-oxidation is reviewed, and its use in supercapacitors and alkali metal ion batteries, is also elaborated. Feasible solutions for the current problems with petroleum asphalt are proposed, with the aim of providing insights into its high value-added utilization.