This review comprehensively examines biochar, an essential material in an era of climate change for reducing carbon dioxide (CO2) emissions into the atmosphere. It is inconspicuous, black, lightweight, and very porous, and is produced through the thermal conversion of biomass. Our literature review highlights biochar’s expansive application possibilities. Firstly, its potential to improve soil quality and sequester CO2 has been examined, as well as its utilization in iron and steel manufacturing to minimize the quantity of coke and ultimately reduce CO2 emissions. In industrial manufacturing, the complete elimination of coke can promote environmental neutrality, which is achieved using biochar from biomass for its extrusion. Furthermore, biochar is becoming increasingly significant in modern energy storage technologies and as an important additive in Pickering emulsions, which are also employed in energy storage systems. Additionally, the use of carbon black is a broad topic, and this review illustrates where it can be successfully utilized, especially in environmentally sensitive areas.