Torrefaction is a promising pretreatment process to convert biomass into high energy density solid fuel for further thermal conversion systems. In this study, the effects of wet and dry torrefaction on the properties of solid fuels prepared from bamboo and Japanese cedar were investigated in a batch reactor. The yields of solid fuels decreased with increasing treatment temperature in both torrefaction processes, mainly due to the decomposition of cellulose and hemicellulose. Cellulose showed higher reactivity than hemicellulose in both biomasses. The higher heating values (HHV) of solid fuels prepared at the treatment temperatures higher than 240 °C in both torrefaction processes reached the same level as those of commercial coals. Wet torrefaction was better than dry torrefaction for decomposing bamboo and Japanese cedar. Dry torrefaction had more favorable impact than wet torrefaction on improving the fuel properties of bamboo and Japanese cedar because of its lower energy input, higher solid fuel yield, higher energy yield, and similar HHV under the same conditions. The crystalline structure of solid fuel had no great change below 260 °C in both torrefaction processes and was completely destroyed at 300 °C during dry torrefaction.