The commercial graphite felt GFA 10 was subjected to an activation process with the use of CO2 at 900 °C for 35 and 70 min. Pristine and heat-treated materials were characterized using various methods: low-temperature N2 adsorption, SEM, and EDS. Voltammetric measurements of GFA samples (before and after activation) as the working electrode were carried out. Voltammograms were recorded in aqueous solutions of 4-chlorophenol and sodium sulfate as supporting electrolyte. The catalytic activity of GFA samples in the process of 4-chlorophenol oxidation with the use of H2O2 was also investigated. The influence of graphite felt thermal activation in the CO2 atmosphere on its electrochemical and catalytic behavior was analyzed and discussed. Results of the investigation indicate that GFA activated in CO2 can be applied as an electrode material or catalytic material in the removal of organic compounds from industrial wastewater. However, the corrosion resistance of GFA, which is decreasing during the activation, needs to be refined.