The excess of activated sludge generated in municipal wastewater treatment plants constitutes one of the challenging problems facing modern society. The high-water content of this waste makes difficult the transport, disposal, and management of these solids. In this work, activated sludge excess from a secondary clarifier has been dehydrated by means of a combination of temperature and hydrogen peroxide treatment. Three main operating variables have been considered to affect sludge dewaterability and filterability. Temperature (120–180 °C), hydrogen peroxide dose (0.01–0.03 M), and treatment time (20–60 min) influence have been assessed by completing a 15-run Box Behnken experimental design. Different output variables (water content, resistance to filtration, sedimentation volumetric index, extracellular polymeric substances, etc.) have been monitored. Generally, temperature seems to be the most influencing parameter to obtain a dehydrated sludge with acceptable management/disposal characteristics (sludge volume reduction and filterability). In line with the concept of circular economy, an attempt has been conducted to obtain a sustainable biosorbent from the dehydrated sludge generated in the previous stage. Optimum conditions of carbonization and activation revealed that the solid obtained at 400 °C by using ammonium nitrate as activation agent was the most efficient absorbent to eliminate some model compounds from water (namely, phenol, ofloxacin, and diuron); however, a clear improvement margin in the synthesis is foreseen.