Biochar, a carbon-rich material produced through the pyrolysis of organic waste, has gathered attention for its potential in soil decontamination and bioeconomy. The properties of biochar depend on pyrolysis conditions and feedstock types. This review explores various biochar production methods, including pyrolysis, gasification, and hydrothermal carbonisation, with a focus on their application in soil remediation. The utilisation of biochar has expanded significantly, contributing to environmental benefits such as reducing greenhouse gas emissions, mitigating global warming, minimising nutrient leaching, sequestering carbon, and enhancing agricultural productivity. Additionally, biochar’s ability to decrease the bioavailability of contaminants positions it as a valuable bioproduct in the bioeconomy, which encompasses the use of biotechnology for sustainable production of bioproducts. Biochar offers economic opportunities across the energy, industrial, and agricultural sectors, improving soil quality and creating potential revenue streams. This review discusses the production methods, agronomic benefits, and financial advantages of biochar.