Soil contamination through heavy metals (HMs) is a serious environmental problem that needs to be addressed. One of the methods of remediating soils contaminated with HMs and reducing the environmental risks associated with them is to immobilize these HMs in the soil using specific amendment(s). The use of biochar as an organic amendment can be an environmentally friendly and practically feasible option, as (i) different types of biomass can be used for biochar production, which contributes to environmental sustainability, and (ii) the functionality of biochar can be improved, enabling efficient immobilization of HMs. Effective use of biochar to immobilize HMs in soil often requires modification of pristine biochar. There are various physical, chemical, and biological methods for modifying biochar that can be used at different stages of pyrolysis, i.e., before pyrolysis, during pyrolysis, and after pyrolysis. Such methods are still being intensively developed by testing different modification approaches in single or hybrid systems and investigating their effects on the immobilization of HMs in the soil and on the properties of the remediated soil. In general, there is more information on biochar modification and its performance in HM immobilization with physical and chemical methods than with microbial methods. This review provides an overview of the main biochar modification strategies related to the pyrolysis process. In addition, recent advances in biochar modification using physical and chemical methods, biochar-based composites, and biochar modified with HM-tolerant microorganisms are presented, including the effects of these methods on biochar properties and the immobilization of HMs in soil. Since modified biochar can have some negative effects, these issues are also addressed. Finally, future directions for modified biochar research are suggested in terms of scope, scale, timeframe, and risk assessment. This review aims to popularize the in situ immobilization of HMs with modified biochar.