Pharmaceutical is one of the noteworthy classes of emerging contaminants. These biologically active compounds pose a range of deleterious impacts on human health and the environment. This is attributed to their refractory behavior, poor biodegradability, and pseudopersistent nature. Their large-scale production by pharmaceutical industries and subsequent widespread utilization in hospitals, community health centers, and veterinary facilities, among others, have significantly increased the occurrence of pharmaceutical residues in various environmental compartments. Several technologies are currently being evaluated to eliminate pharmaceutical compounds (PCs) from aqueous environments. Among them, adsorption appears as the most viable treatment option because of its operational simplicity and low cost. Intensive research and development efforts are, therefore, currently underway to develop inexpensive adsorbents for the effective abatement of PCs. Although numerous adsorbents have been investigated for the removal of PCs in recent years, biochar-based adsorbents have garnered tremendous scientific attention to eliminate PCs from aqueous matrices because of their decent specific surface area, tunable surface chemistry, scalable production, and environmentally benign nature. This review, therefore, attempts to provide an overview of the latest progress in the application of biochar for the removal of PCs from wastewater. Additionally, the fundamental knowledge gaps in the domain knowledge are identified and novel strategic research guidelines are laid out to make further advances in this promising approach towards sustainable development.