Rice is the most important cereal in Asia. However, it also results in the generation of large quantities of rice-derived residues (i.e., rice straw and rice husk). Due to the residues richness in lignocellulosic components, they potentially have considerable value in material and/or energy production without illegal burning in open fields. This work focused on investigating the thermochemical properties and inorganic/metal element contents of rice straw and rice husk. The former included proximate analysis, calorific value, thermogravimetric analysis (TGA) and energy dispersive X-ray spectroscopy (EDS). The latter covered the ten elements most relevant to their slagging/fouling indices. The results showed that they are suitable for energy use as biomass fuels, but rice husk was superior to rice straw because of the high silica content in the rice husk and the significant contents of potassium, sulfur and phosphorus in the rice straw. Using several slagging and fouling indices, the evaluation results were also consistent with their contents of inorganic elements or oxides. To increase the fuel properties of rice-derived residues, they could be pretreated with alkaline leaching, thus causing lower emissions of particulates and reduced slagging tendency when co-firing them with coal in industrial boilers.