Due to decreasing rainfall, drought is an environmental problem becoming even more alarming every year. The direct reuse of treated wastewater (WW), in compliance with current legislation, can be one of the applicable solutions to deal with water scarcity. In this study, an analysis of wastewater treatment plants (WWTPs) (>400 population equivalent) in the Lombardy region (Northern Italy) was performed to identify the most critical parameters in their effluents (total and ammonia nitrogen, and phosphorous). Biochar filters, as final adsorption means for WWTP effluents, could improve water quality for direct reuse. Biochar from biological sewage sludge produced by an urban WWTP (130,000 population equivalent) was prepared via pyrolysis (350–650–950 °C) and chemical activation with KOH. In each preparation step, the material was analyzed to follow the physicochemical transformations. The removal efficiency of COD, N-NH4+, N-NO3-, and P from real WW was studied using batch adsorption tests. Pyrolysis at 650 °C + KOH activation guaranteed higher yields for N-NH4+ (32%), P (44%), and N-NO3− (66%) with a contact time in the batch test of 6 h for N-NH4+ and P, and 3 h for N-NO3−. Up to 50% COD removal was achieved in 6 h with 950 °C pyrolyzed + KOH-activated biochar.