This article discusses the scope biochar’s uses; biochar is a sustainable organic material, rich in carbon, that can be synthesized from various types of biomass feedstock using thermochemical reactions such as pyrolysis or carbonization. Biochar is an eco-friendly filler material that can enhance polymer composites’ mechanical, thermal, and electrical performances. In comparison to three inorganic fillers, namely carbon black, carbon nanotubes (CNT), and carbon filaments, this paper explores the optimal operating conditions for regulating biochar’s physical characteristics, including pore size, macro- and microporosity, and mechanical, thermal, and electrical properties. Additionally, this article presents a comparative analysis of biochar yield from various thermochemical processes. Moreover, the review examines how the surface functionality, surface area, and particle size of biochar can influence its mechanical and electrical performance as a filler material in polymer composites at different biochar loads. The study showcases the outstanding properties of biochar and recommends optimal loads that can improve the mechanical, thermal, and electrical properties of polymer composites.