The development of pulsed power technology, particularly for inductive energy storage, promotes the extensive discussions of electrical explosion process in high energy density. This paper presents the electrical-explosion behavior of carbon fibers subjected to about 20 kA, ~5 µs high-density current pulse igniting an intense electron beam accelerator. After electrical explosion, and surface rupture, submicron particles, fibrillar and strip-shaped structures were observed, experimentally supporting the microstructure model (skin-core heterogeneity) of carbon fiber. Interestingly, the start and turn-off of the current were followed by radiation pulses with different intensities. It was found that the radiation was focused on the explosion stage which was characterized by an oscillating current. The instabilities of plasma produced during the explosion process play an important role in the microstructure changes of carbon fibers and the radiation generation.