Biochar can be useful for the functional recovery of soils contaminated with potentially toxic elements (PTEs), even if its effectiveness is variable and sometimes limited, and conflicting results have been recently reported. To shed some light on this regard, softwood-derived biochar was added at 2.5 (2.5-Bio) and 5.0% w/w (5.0-Bio) rates to an acidic (pH 5.74) soil contaminated by Cd (28 mg kg−1), Pb (10,625 mg kg−1), and Zn (3407 mg kg−1). Biochar addition increased soil pH, available P and CEC, and reduced labile Cd, Pb, and Zn (e.g., by 27, 37, and 46% in 5.0-Bio vs. the unamended soil). The addition of biochar did not change the number of total heterotrophic bacteria, actinomycetes, and fungi, while it reduced the number of Pseudomonas spp. and soil microbial biomass. Dehydrogenase activity was reduced in amended soils (e.g., by ~60 and 75% in 2.5- and 5.0-Bio, respectively), while in the same soils, urease increased by 48 and 78%. Approximately 16S rRNA gene amplicon sequencing and the Biolog community-level physiological profile highlighted a significant biochar impact (especially at a 5% rate) on soil bacterial diversity. Tomato (but not triticale) yield increased in the amended soils, especially in 2.5-Bio. This biochar rate was also the most effective at reducing Cd and Pb concentrations in shoots. Overall, these results demonstrate that 2.5% (but not 5.0%) biochar can be useful to restore the soil chemical fertility of PTE-polluted soils with limited (or null) impact on soil microbial and biochemical parameters.