As a good carbon source and soil conditioner, biochar is widely used in acidic soils but seldom in alkaline soils due to its high pH. In this study, cotton straw biochar was modified with five different acidic materials to obtain wood-vinegar- (WBC), monosodium-glutamate (MSG)-wastewater- (MBC), citric-acid- (CBC), phosphoric-acid- (PBC), and nitric-acid-modified biochars (NBC), and three dosages were used for each modifier. The pristine and modified biochars were characterized with scanning electron microscopy (SEM) and Fourier-transform infrared (FTIR) spectroscopy. The biochar properties such as pH, specific surface area (SSA), and elemental contents were measured. In addition, the technique for order preference by similarity to ideal solution (TOPSIS) model based on entropy weight was used to evaluate the application potential of the biochars in alkaline soils. The FTIR spectra showed that modification with the five acidic materials, MSG wastewater in particular, resulted in more oxygen-containing functional groups such as O-H, C=O, and C-O on the biochar surface. In addition, acid modification greatly decreased the pH: phosphoric acid modification significantly decreased the pH of cotton straw biochar by 5.71–7.88 units. For the same modifier, a higher dosage (i.e., a smaller biochar:modifier ratio) led to a larger decrease in the pH of cotton straw biochar. The magnitudes of increase in total soluble salt content followed the general order of CBCs > PBCs > WBCs > NBCs > MBCs. The SSA, average pore diameter, and total pore volume of biochar were changed as well. Modification using wood vinegar and MSG wastewater significantly decreased the SSA of cotton straw biochar by 15.58–16.24 m2 g−1 (82.7–86.2%) and 15.87–16.80 m2 g−1 (84.2–89.2%), respectively, whereas modification using citric acid and nitric acid significantly increased the SSA of cotton straw biochar by 4.51–4.66 m2 g−1 (23.9–24.7%) and 0.55–54.21 m2 g−1 (2.9–287.7%). The evaluation based on entropy weight TOPSIS model suggested that the MBCs have the highest potential for application in alkaline soils. This study presents a theoretical basis for evaluation of biochar application potential, demonstrates a way of improving biochar application potential, and provides a support for beneficial utilization of agricultural and industrial wastes such as cotton straw, wood vinegar, and MSG wastewater.