Investigation of structural development of acrylic fibers during the early stages of the wet-spinning process has great importance both in carbon fiber and textile industries. The simultaneous effects of increasing polymer concentration, jet-stretching and hot-drawing on porosity, morphology, and mechanical properties of wet-spun poly(acrylonitrile) fibers were studied. The detailed microstructure of the voids was characterized by electron microscopy, porosimetry, and thermoporometry. The effects of jet-stretching/hot-drawing on the overall porosity of the fibers were negligible below a threshold polymer concentration. Increasing polymer concentration from 10 to 20 vol.% reduced the total porosity. Hot-drawing was more effective in reducing the overall porosity of the fibers in comparison with jet-stretching. Stretching and drawing replaced the macrovoids by dense ligaments but did not change the volume fraction of nanovoids, however, shifted nanovoids size distribution toward smaller values. In general, Young's modulus and elongation at break increased by decreasing overall porosity, however, they depended also on the distribution of voids size and chain orientation along the fiber axis. Strength-diameter correlation showed a good agreement with the Griffith's theory.