In this study, carbon fibers were fabricated via carbonization of oxidized polyacrylonitrile (oxi-PAN) under different carbonization conditions. Carbonization of oxi-PAN fiber was performed under four different temperature (1300, 1400, 1500, ${1600}^{\circ }C$) with four different fiber tensions (14, 25, 35, 45 MPa). Effect of carbonization process on the structural development and mechanical properties of carbon fiber were characterized by single filament fiber tensile test and Raman spectroscopy. A clear correlation exists between the Raman spectrum and the tensile modulus of carbon fiber and effect of carbonization temperature on the tensile modulus showed increased tendency only at higher fiber tension ($\ge 25MPa$) while tensile strength showed decreased or random tendency. Therefore, it may be concluded that the optimization of carbonization temperature of oxi-PAN fiber also requires optimization of fiber tension.