Biochar is a stable carbonaceous material derived from various biomass and can be utilized as adsorbents, catalysts and precursors in various environmental applications. This review discusses various feedstock materials and methods of biochar production via traditional as well as modern approaches. Additionally, the biochar characteristics, HTC process, and its modification by employing steam and gas purging, acidic, basic / alkaline and organo-solvent, electro- and magnetic fields have been discussed. The recent biochar applications for real water, wastewater and industrial wastewater for the abstraction of environmental contaminants also reviewed. Moreover, applications in machine learning and microbial sensors were discussed. In the meantime, analyses on commercial and environmental profit, current ecological concerns and the future directions of biochar application have been well presented.