Carbon–carbon composites, as developed from various pitch precursors and chopped carbon fiber reinforcement, have been characterized and compared on the prime basis of the precursor materials used as the matrix. Evaluation of the properties and characterization have been carried out by various techniques such as thermal analysis by thermogravimetric analysis, thermomechanical analysis, and flame ablation method, microstructural characterization by scanning electron microscopy and optical microscope, mechanical characterization by Universal Testing Machine (UTM), IZOD impact, and hardness and frictional characterization by a pin on disc tribometer were carried out. Petroleum pitch, coal tar pitch, and the mixture of both the kinds of the pitch have shown a difference in the ultimate properties on the finished composite materials. The presence of volatiles, quinoline insoluble content, and various softening point have proved to impart differences in behavior for different systems. Composites developed to form the three systems have shown robust characteristics with superior mechanical and thermal behavior. Microstructural analysis has shown good compatibility between the reinforcement and matrix, while it is also evidence of a uniform distribution of the reinforcement. The fiber–matrix interaction in all the three systems is appreciably weak, which is favorable for non-catastrophic failure.