In order to seek the value-added utilization method of sewage sludge and develop low-cost and high-efficient adsorbents, a hydrochar was prepared by the co-hydrothermal carbonization of sewage sludge and citric acid and then characterized. The differences in Pb(II) adsorption performance between the citric acid–sewage sludge hydrochars (AHC) and the hydrochar prepared solely from sewage sludge (SSHC) were also investigated. When citric acid dose ratio (mass ratio of citric acid to dry sewage sludge) is 0.1, the obtained hydrohcar (AHC0.1) has the highest specific surface area (59.95 m2·g−1), the most abundant oxygen-containing functional groups, the lowest pHpzc (5.43), and the highest equilibrium adsorption capacity for Pb(II). The maximum adsorption capacity of AHC0.1 for Pb(II) is 60.88 mg·g−1 (298 K), which is approximately 1.3 times that of SSHC. The potential mechanisms can be electrostatic attraction, co-precipitation, complexation, and cation-π interaction. It was demonstrated that by incorporating citric acid into the hydrothermal carbonization, resource utilization of sewage sludge can be accomplished effectively.