Abstract: A continuous process of producing carbonaceous pitch, including heat-treating an aromatic heavy oil for obtaining a first cracked product, and thermally cracking the first product in a cracking zone by direct contact with a gaseous heat transfer medium to obtain distillable cracked components and a mesophase-containing pitch. A first portion of the liquid phase in the cracking zone, including the mesophase-containing pitch, is separated into a mesophase-rich pitch and a matrix pitch having a low concentration of mesophase. The mesophase-rich pitch is recovered while at least a portion of the matrix pitch is recycled to the cracking zone. The distillable cracked components are withdrawn from the cracking zone and separated into light, middle and heavy fractions. At least a portion of the heavy fraction is heat treated and is recycled to the cracking zone.