At present, high-performance carbon fibers (CFs) are mainly produced from petroleum-based materials. However, the high costs and environmental problems of the production process prompted the development of new precursors from natural biopolymers. This review focuses on the latest research on the conversion of natural lignocellulosic biomass into precursor fibers and CFs. The influence of the properties, advantages, separation, and extraction of lignin and cellulose (the most abundant natural biopolymers), as well as the spinning process on the final CF performance are detailed. Recent strategies to further improve the quality of such CFs are discussed. The importance and application of CFs in sports equipment manufacturing are briefly summarized. While the large-scale production of CFs from natural lignocellulosic biomass and their applications in sports equipment have not yet been realized, CFs still provide a promising market prospect as green and low-cost materials. Further research is needed to ensure the market entry of lignocellulosic biomass-based CFs.