The invention relates to a preparation method of asphalt based carbon fiber. The method comprises the following steps that 1, catalytic slurry oil is adopted as a raw material; 2, high pressure hydrogenation pretreatment is performed, the hydrogen pressure is 12-18 MPa, the reaction temperature is 420-450 DEG C, the reaction is performed for 1-3 h, and a pretreatment product is obtained; 3, reduced pressure distillation is performed to obtain a fraction with the temperature not lower than 400 DEG C, and a co-carbonization component is added into the fraction, wherein deasphalted oil of naphthenic base vacuum residues or a 450-550 DEG C fraction in the naphthenic base vacuum fraction or a catalytic cracking slurry hydrogenation reduction product 450-550 DEG C fraction and the co-carbonization accounts for 10-45% that of the hydrogenation product component with the temperature not smaller than 400 DEG C, a co-carbonization high pressure condensation polymerization is performed, the reaction condition is an inert gas or nitrogen atmosphere, the reaction pressure is 1-6 MPa, the reaction temperature is 460-500 DEG C, and the reaction is performed for 6-8 h; 4, the pressure is decreased to the normal pressure, the negative pressure condensation polymerization is performed at the nitrogen flow rate of 6-10 L/(s.kg), the reaction temperature is 450-500 DEG C, the reaction is performed for 4-6 h, and high-quality spinnable mesophase asphalt is obtained; 5, melt spinning of the mesophase asphalt is performed to obtain the asphalt base carbon fiber.