This article reviews biochar production and its potential applications across various sectors, including agriculture, environmental remediation, and energy storage. It emphasizes the critical role of feedstock source and process parameters, such as residence time, heating rate, and temperature, in determining biochar’s properties. Although extensive research has been conducted on the physical and chemical properties of biochar, there remains a significant gap in evaluating its practical applications. This paper emphasizes the role of Multi-Criteria Decision Analysis (MCDA) as a valuable tool for optimizing both biochar production and its application strategies. By exploring scholarly articles and patents, it offers insights into biochar production techniques, characterization methods, and the importance of process optimization for sustainable and efficient biochar use in real-world scenarios.