Based on our own research conducted on a purpose-built plantation, the production capacity of reed canary grass (Phalaris arundinacea L.) was assessed depending on the age of the plantation and the date of the biomass harvest. The aim of this study was to assess the influence of the harvest date and plantation age on the yield, chemical composition, and calorific value of reed canary grass intended for energy purposes. The biomass on the plantation was cut twice during the growing season (summer/winter). The obtained biomass was analyzed for its ash content and selected elements, i.e., nitrogen, phosphorus, potassium, calcium, magnesium, sodium, sulfur, and chlorine. The total moisture, calorific value in working condition, and combustion heat were also assessed. The two-cut harvest system allowed us to obtain 3.85 t∙ha−1 of biomass from reed canary grass in the first year of cultivation. The highest biomass yields were obtained in the third and sixth years of cultivation and amounted to 8.50 and 8.75 t∙ha−1, respectively. Regardless of the age of the plantation, the biomass yield harvested in the summer period was always higher than the yield obtained from the winter harvest. The contents of some elements in the biomass also depended on the age of the plantation and the harvest date. The biomass of reed canary grass obtained from the summer harvest of the annual plantation was characterized by a high content of nitrogen (1.97% d.m.), potassium (2.35% d.m.), and phosphorus (0.31% d.m.) compared to the content of these elements in the biomass obtained from the three- and six-year plantations. In the case of sodium, the highest content (0.072% d.m.) was found in the biomass obtained from the summer harvest of the three-year plantation, and the lowest was obtained from the winter harvest of the six-year plantation (0.037% d.m.). The average sulfur content was the highest in the biomass obtained from the annual plantation, regardless of the harvest date (0.20% d.m.—summer harvest and 0.21% d.m.—winter harvest). On the other hand, the lowest amount of sulfur was contained in the biomass obtained from the winter harvest of the six-year plantation (0.12% d.m.). Only the magnesium content (from 0.09% d.m. to 0.14% d.m.) in the biomass remained at a similar level, regardless of the age of the plantation or the harvest date. The calcium content was the highest in the biomass obtained from the winter harvest of the annual plantation (0.35% d.m.), and the lowest was obtained from the six-year-old plantation, also from the winter harvest. In addition, the moisture and ash content of the obtained biomass depended on the age of the plantation and the harvest date. The highest moisture content (12.50%) was characteristic of the biomass harvested in the summer period from the one-year plantation. On the other hand, the lowest moisture content was found for the biomass harvested in the winter period from the six-year plantation. The highest ash content was obtained from biomass harvested in the summer period from the one-year plantation (75 g∙kg−1 d.m.) and the three-year plantation (69 g∙kg−1 d.m.). The lowest ash content was obtained from the winter harvest from the six-year plantation (45 g∙kg−1 d.m.). The highest calorific value of 16.0–16.2 MJ∙kg−1 d.m. was obtained for biomass harvested in the sixth year of the study (irrespective of the harvest date). The value of the combustion heat was also dependent on the age of the plantation and the date of the biomass harvest. The highest value for the combustion heat of 17.5 MJ∙kg−1 d.m. was obtained for biomass harvested in the winter period from the six-year plantation