“Biochar” (BC) is the solid residue recovered from the thermal cracking of biomasses in an oxygen-poor atmosphere. Recently, BC has been increasingly explored as a sustainable, inexpensive, and viable alternative to traditional carbonaceous fillers for the development of polymer-based composites. In fact, BC exhibits high thermal stability, high surface area, and electrical conductivity; moreover, its main properties can be properly tuned by controlling the conditions of the production process. Due to its intriguing characteristics, BC is currently in competition with high-performing fillers in the formulation of multi-functional polymer-based composites, inducing both high mechanical and electrical properties. Moreover, BC can be derived from a huge variety of biomass sources, including post-consumer agricultural wastes, hence providing an interesting opportunity toward a “zero waste” circular bioeconomy. This work aims at providing a comprehensive overview of the main achievements obtained by combining BC with several thermoplastic and thermosetting matrices. In particular, the effect of the introduction of BC on the overall performance of different polymer matrices will be critically reviewed, highlighting the influence of differently synthesized BC on the final performance and behavior of the resulting composites. Lastly, a comparative perspective on BC with other carbonaceous fillers will be also provided.