Biochar is most commonly considered for its use as a soil amendment, where it has gained attention for its potential to improve agricultural production and soil health. Twenty years of near exponential growth in investigation has demonstrated that biochar does not consistently deliver these benefits, due to variables in biochar, soil, climate, and cropping systems. While biochar can provide agronomic improvements in marginal soils, it is less likely to do so in temperate climates and fertile soils. Here, biochar and its coproducts may be better utilized for contaminant remediation or the substitution of nonrenewable or mining-intensive materials. The carbon sequestration function of biochar, via conversion of biomass to stable forms of carbon, does not depend on its incorporation into soil. To aid in the sustainable production and use of biochar, we offer two conceptual decision trees, and ask: What do we currently know about biochar? What are the critical gaps in knowledge? How should the scientific community move forward? Thoughtful answers to these questions can push biochar research towards more critical, mechanistic investigations, and guide the public in the smart, efficient use of biochar which extracts maximized benefits for variable uses, and optimizes its potential to enhance agricultural and environmental sustainability.