Herein, renewable resource‐based waste materials (used tea leaves and molasses) were utilized as inexpensive and renewable carbon sources to develop Phosphorus and Nitrogen co‐doped Carbon (PNDC) materials for supercapacitor application. A prompt, low cost, single step, green and facile microwave assisted process was utilized to prepare PNDC materials using the aforementioned biomass. Concentration of the doping elements (P and N) was altered in the resulting PNDC materials by varying the mole ratio of used tea/molasses and ammonium polyphosphate (APP) in the reaction mixture. APP served as the Phosphorus and Nitrogen source as well as the microwave absorber. Detailed characterization of all four PNDCs ‐ two derived from molasses (MOLPNDCs) and two from used tea leaves (TEAPNDCs), were performed to investigate their supercapacitor performance. These materials were characterized both physically via BET, XPS, and SEM analysis and electrochemically via cyclic voltammetry, in both 1 M H2SO4 and 6 M KOH. Pore size, surface area, and elemental compositions of each PNDC was analyzed to investigate the critical parameter for supercapacitor performance of the materials. Among all PNDCs, MOLPNDC‐1 exhibited exceptionally high specific capacitance values of 160 Fg−1 in 6 M KOH electrolyte due to highly mesoporous structure and appropriate Nitrogen content. MOLPNDC‐1 was also found to be stable under continuous cycling for 1500 cycles in both acidic and alkaline conditions.