Plant-derived selenium is an important source of selenium (Se) for humans, which, however, has been restricted by a low content of Se in soil. Traditional Se fertilizers have tended to result in low selenium utilization. Thus, it was necessary to develop a new slow-release material to control Se fertilizer release. In this study, biochar pyrolyzed at 300 °C and 800 °C was cross-linked with polyethyleneimine (PEI) after being treated with HNO3 or NaOH (which were labeled Acid-W300, Acid-W800, Alkali-W300, and Alkali-W800). The results showed that the maximum adsorption capacities of Acid-W300, Alkali-W300, Acid-W800, and Alkali-W800 were 329.16 mg/g, 321.93 mg/g, 315.04 mg/g, and 344.33 mg/g, respectively. Among them, Acid-W800 and Alkali-W800 were mainly imine- and amide-bonded with SO32−, while Acid-W300 and Alkali-W300 were loaded with SO32− by forming the C–Se bonding as well as through imine- and amide-bonding. The release of four biochar-based selenium fertilizers in the red soil and brown soil extracts conformed to the pseudo-second-order kinetic model. The release rate and release amount of four biochar-based selenium fertilizers in the red soil extract were higher than those in the brown soil extract. Alkali-W800-Se had a higher proportion of Se-exchangeable release, accounting for 87.5% of the total loaded selenium, while Acid-W300-Se had the lowest proportion at 62.2%. However, the Se releases of Alkali-W800-Se were more than 42.49% and 37.67% of the total Se-loading capacity during 5 days of continuous red soil extraction and brown soil extraction, respectively. Acid-W300-Se released less than 20% of the total Se-loading capacity. Thus, Acid-W300-Se was the recommended slow-release Se fertilizer in red soil and brown soil.