The sugarcane industry has assumed an increasingly important role at a global level, with countries such as Brazil and India dominating the field. However, this causes environmental problems, since the industry produces large amounts of waste, such as sugarcane bagasse. This by-product, which is energetically partially recovered in sugar mills and in the pulp and paper industry, can make a significant contribution to the general use of biomass energy, if the usual disadvantages associated with products with low density and a high moisture content are overcome. From this perspective, thermochemical conversion technologies, especially torrefaction, are assumed to be capable of improving the fuel properties of this material, making it more appealing for potential export and use in far-off destinations. In this work, sugarcane samples were acquired, and the process of obtaining bagasse was simulated. Subsequently, the bagasse was dried and heat-treated at 200 and 300 °C to simulate the over-drying and torrefaction process. Afterward, product characterization was performed, including thermogravimetric analysis, elemental analysis, calorimetry, and energy densification. The results showed significant improvements in the energy content, from 18.17 to 33.36 MJ·kg−1 from dried bagasse to torrefied bagasse at 300 °C, showing that despite high mass loss, there is potential for a future value added chain for this waste form, since the increment in energy density could enhance its transportation and use in locations far off the production site.