The waste tire is a harmful solid waste to the environment. Pyrolysis technology has been widely used among the existing recycling technologies, which can effectively recover pyrolysis oil, carbon black (CBp), steel wire, etc. Compared with the commercially used pyrolysis oil and steel wire, pyrolysis carbon black contains 17% ash and gum layer and its high-value utilization is the key to realize the recycling of waste tires. Many researchers have investigated different modification treatment processes of pyrolysis carbon black, demonstrating that the modified CBp can be applied in many fields. Herein, this work reviews the recent research progress of modified CBp, including the reinforcement application of pyrolysis in rubber production, the activated carbon-based adsorbents, battery materials, and asphalt and ink fillers, and summarizes the treatment of pyrolysis carbon black in the above application fields. The research trends of modification methods for high-value recycling of pyrolytic CBp are also discussed in this paper.