Biochar is highly valuable in various applications due to its unique physicochemical properties such as high thermal efficiency, high surface area, surface functional groups, and crystal structure. The goal of this review is to establish a systematic strategy of biochar production for applications in various fields. First, the characteristics of biomass as feedstock for biochar production and their classification are discussed according to the types present in nature. Second, the technology for biochar production and the production yield are examined. In thermochemical conversion for biochar production, five major types of pyrolysis processes are suggested, and the production yield is evaluated according to pyrolysis parameters (feedstock pretreatment, operating temperature, heating rate, residence time, carrier gas). In addition, biochar production from pyrolysis of mixed feedstock has recently been suggested; thus, the evaluation of the production yield from co-pyrolysis is included. Finally, analytical techniques for biochar characterization are investigated and the application of biochar in various fields is considered, such as in adsorbents, energy storage devices, and catalysts.