Glassy Polymeric Carbon (GPC) is obtained by a molding technique, in various shapes, from a phenolic resin precursor. The heat treatment of the precursor is achieved in three stages up to 1000 °C. Similar GPC materials produced in our laboratory displayed large strain to failure ratio, small thermal expansion coefficient and low density. Like all carbon forms, is attacked by oxygen, especially atomic oxygen. Nevertheless the kinetics for reaction with atmospheric oxygen is very slow. We investigated the composition and structural changes of the phenolic precursor as a function of temperature and evaluated materials stability when exposed to high temperatures in presence of hydrogen or oxygen.