For the preparation of high-performance pitch-based carbon fibers and other carbon materials, mesophase pitch serves as a high-quality precursor. Since FCC (Fluid Catalytic Cracking) oil slurry is abundant in aromatic hydrocarbons and saturated hydrocarbons (about 95% in total), it has become an ideal choice for developing new carbon material products. This paper details the research progress of preparing mesophase asphalt with FCC oil slurry as a raw material from perspectives including the preparation method of synthesizing mesophase asphalt from FCC oil slurry, the impact factors of the formation process of mesophase asphalt and the industrial application of mesophase asphalt.