Waste stream valorization is a difficult task where the economic and environmental issues must be balanced. The use of complex metal-rich waste such as red mud is challenging due to the wide variety of metal oxides present such as iron, aluminum, and titanium. The simple separation of each metal is not economically feasible, so alternative routes must be implemented. In this study, we investigated the use of red mud mixed with hemp waste to produce biochar with high conductivity and good magnetic properties induced by the reduction of the metal oxides present in the red mud through carbothermal processes occurring during the co-pyrolysis. The resulting biochar enriched with thermally-reduced red mud is used for the preparation of epoxy-based composites that are tested for electric and magnetic properties. The electric properties are investigated under DC (direct current) regime with or without pressure applied and under AC (alternating current) in a frequency range from 0.5 up to 16 GHz. The magnetic measurements show the effective tailoring of hemp-derived biochar with magnetic structures during the co-pyrolytic process.