The valorization of untreated municipal waste (MSW) biochar for energetic uses, through its co-gasification with olive stone (OST) biochar under a steam or carbon dioxide atmosphere, was investigated. The experiments were conducted in a fixed bed unit and a thermal analysis–mass spectrometer system. The thermal behavior, reactivity, conversion, product gas composition, syngas yield and energy potential were determined, while the influence of the fuel’s internal structure, chemical functional groups and operating conditions were examined. The concentrations of H2 and CO2 in the product gas mixture under a steam atmosphere were increased with steam/biochar ratio, while that of CO was reduced. At a steam/biochar = 3 H2 yield, the higher heating value and conversion for the OST were 52.8%, 10.8 MJ/m3 and 87.5%; for the MSW, they were 44.4%, 9.9 MJ/m3 and 51.5%, whereas for their blend, they were 50%, 10.6 MJ/m3 and 76.6%, respectively. Under a carbon dioxide atmosphere, the reactivity and conversion of the OST biochar (84%) were significantly higher as compared with the MSW biochar (50%). The higher heating value of the product gas was 12.4–12.9 MJ/m3. Co-gasification of the MSW with OST (in proportions 30:70) resulted in the enhanced reactivity, conversion, syngas yield and heating value of product gas compared with gasification of solely MSW material.