The field of material sciences has evolved vastly in the last two decades, largely due to the discovery of carbon nanomaterials such as graphene and its derivatives. Although they offer positive characteristics, the cost of production and material processing of these carbon nanomaterials has limited their application. However, scientists have started searching for cheaper and more environmentally friendly alternatives. Biochar, a carbonaceous material derived from biowaste, is the most viable alternative, as it offers characteristics on par with traditional carbon nanomaterials. This review will discuss the production of biochar from biomass, methods of production, the effects various conditions have on the production of biochar, biomass selection, current biochar applications, and the potential biochar has to produce hydrogen as an energy carrier.