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Biochar has gained attention as an alternative source of solid energy and for the proper disposal of agricultural biomass waste (ABW). Microwave-assisted pyrolysis (MAP) is a promising approach for the production of biochar. This review article presents the beneficial use of biochar for soil fertilization, machine learning (ML), the circular bioeconomy, and the technology readiness level. The use of machine learning techniques helps to design, predict, and optimize the process. It can also improve the accuracy and efficacy of the biochar production process, thereby reducing costs. Furthermore, the use of biochar as a soil amendment can be an attractive option for farmers. The incorporation of biochar into soil has been shown to improve soil fertility, water retention, and crop productivity. This can lead to reduced dependence on synthetic fertilizers and increased agricultural yields. The development of a biochar economy has the potential to create new job opportunities and increase the national gross domestic product (GDP). Small-scale enterprises can play a significant role in the production and distribution of biochar, providing value-added products and helping to promote sustainable agriculture.