Direct coal liquefaction pitch is a solid product of direct coal liquefaction with hydrogenation, accounting for about 30% of the raw coal. It has the characteristics of high aromaticity, high carbon content, and easy polymerization or cross-linking, which makes it an excellent precursor for preparing high value-added carbon materials with a wider range of application scenarios and high economic value. This article introduces the source, chemical composition, and macromolecular structure of direct coal liquefaction pitch, compares the differences between direct coal liquefaction pitch and coal tar pitch, and introduces the purification and modification methods of direct coal liquefaction pitch. Besides, this review specifically emphasizes the research progress of direct coal liquefaction pitch in the field of generalized carbon materials, including modified pitch, carbon fiber, needle coke, porous carbon materials, energy storage materials, etc. Finally, the key indicators and limiting factors in application are further revealed, and the prospects for the application of direct coal liquefaction pitch are discussed.