Active research on biomass hydrothermal carbonization (HTC) continues to demonstrate its advantages over other thermochemical processes, in particular the interesting benefits that are associated with carbonaceous solid products, called hydrochar (HC). The areas of applications of HC range from biofuel to doped porous material for adsorption, energy storage, and catalysis. At the same time, intensive research has been aimed at better elucidating the process mechanisms and kinetics, and how the experimental variables (temperature, time, biomass load, feedstock composition, as well as their interactions) affect the distribution between phases and their composition. This review provides an analysis of the state of the art on HTC, mainly with regard to the effect of variables on the process, the associated kinetics, and the characteristics of the solid phase (HC), as well as some of the more studied applications so far. The focus is on research made over the last five years on these topics.