In this age, a key target for enhancing the competitiveness of the chemical, environmental and biotechnology industries is to manufacture high-value products more efficiently and especially with significantly reduced environmental impact. Under this premise, the conversion of biomass waste to a high-value added product, biochar, is an interesting approach under the circular economy principles. Thus, the improvements in the biochar production and its new and innovative uses are hot points of interest, which are the focus of vast efforts of the scientific community. Biochar has been recognized as a material of great potential, and its use as an adsorbent is becoming a reliable strategy for the removal of pollutants of different streams, according to its high adsorption capacity and potential to eliminate recalcitrant compounds. In this review, a succinct overview of current actions developed to improve the adsorption capability of biochar, mainly of heavy metal and organic pollutants (dyes, pharmaceuticals and personal care products), is summarized and discussed, and the principal adsorption mechanisms are described. The feedstock and the production procedure are revealed as key factors that provide the appropriate physicochemical characteristics for the good performance of biochar as an adsorbent. In addition, the modification of the biochar by the different described approaches proved their feasibility and became a good strategy for the design of selective adsorbents. In the last part of this review, the novel prospects in the regeneration of the biochar are presented in order to achieve a clean technology for alleviating the water pollution challenge.