Over the past decade, biochar (BC) has received significant attention in many environmental applications, including water purification, since it is available as a low-cost by-product of the energetic valorisation of biomass. Biochar has many intrinsic characteristics, including its porous structure, which is similar to that of activated carbon (AC), which is the most widely used sorbent in water treatment. The physicochemical and performance characteristics of BCs are usually non-homogenously investigated, with several studies only evaluating limited parameters, depending on the individual perspective of the author. Within this review, we have taken an innovative approach to critically survey the methodologies that are generally used to characterize BCs and ACs to propose a comprehensive and ready-to-use database of protocols. Discussion about the parameters of chars that are usually correlated with adsorption performance in water purification is proposed, and we will also consider the physicochemical properties of pollutants (i.e., Kow). Uniquely, an adsorption efficiency index BC/AC is presented and discussed, which is accompanied by an economic perspective. According to our survey, non-homogeneous characterization approaches limit the understanding of the correlations between the pollutants to be removed and the physicochemical features of BCs. Moreover, the investigations of BC as an adsorption medium necessitate dedicated parallel studies to compare BC characteristics and performances with those of ACs.