Isotropic pitch solution was electrospun to be ultra-fine fibers. The fibers were activated in two processes i.e., activated after stabilization (SAF) and activated after carbonization (CAF). The activation processes affected to the activation behaviors and electrochemical properties of the electrodes formed. The specific surface area and the electrical conductivity were larger for CAF than for SAF. The highest specific capacitance among the experimental range was 123 F/g and the value was almost sustained at high current of 1000 mA/g. The results represented a rapid dissipation and rapid build-up of the charges in the highly conductive electrodes in comparison with electrodes of low conductivity.