Biochar, produced through the pyrolysis of biomass and green waste, offers significant potential as a soil amendment to enhance soil health and sustainability in agriculture. However, the current Measurement, Reporting, and Verification (MRV) systems for biochar predominantly focus on carbon credits/offsets, neglecting crucial aspects related to its usability and suitability as a soil amendment on agricultural fields. Through an examination of recent findings, this perspective explores the integration of geochemical tracers, functional group (hydroxyl, carboxyl, phenolic, lactonic, etc.) analysis, and nutrient dynamics into MRV procedures/systems to create a more comprehensive framework. By examining the applicability of these indicators, this paper identifies key gaps and proposes a more robust MRV approach. Such a system would not only facilitate better assessment of biochar’s agronomic benefits but also guide its optimal use in various soil types and agricultural practices.