High lipid, high nitrogen duck manure (DM) with high lipid, high lignocellulosic litter materials (LM) are the main wet biomass wastes from duck farms and both are naturally abundant carbon resources. The synthesis of duck farming biomass waste into carbon-rich materials for high value utilization by hydrothermal carbonization (HTC), which can directly treat wet biomass, has not been investigated. In this study, the physicochemical properties of hydrochar derived from co-HTC of DM and LM and its carbon and energy recovery patterns were systematically investigated under multivariate conditions of raw materials ratios, solids contents, temperatures and residence times. The application of synchrotron-based near-edge X-ray adsorption fine structure technique (C K-edge NEXAFS) combined with gas chromatography-mass spectrometry (GC–MS) to the hydrochar and hydrothermal liquid, respectively. At multiple interfaces provided an in-depth analysis of the important material transformations of the co-HTC process and the structure of the hydrochar. Extending residence time (180 min) and increasing LM ratio (M@4%) in co-HTC reaction of DM and LM is beneficial to achieve hydrochar containing higher carbon content (44.84%) at lower reaction temperatures (180 °C). The heating value (HHV) of the hydrochar ranges between 17.12 and 25.05 MJ/kg. The carbon recovery rate of the co-HTC of DM and LM all exceeded 55% and was more closely related to the carbon content of the hydrochar than to its yield. Additionally, the model ERR=0.97±0.01CRR+2.40±0.71 (R2 = 0.99, P < 0.01) was developed to predict energy recovery rate (ERR) based on carbon recovery rate (CRR). Esters were an important intermediate during co-HTC of DM and LM, and the derived hydrochar consisted of a wide range of polycyclic aromatic hydrocarbons, alkanes and N-aromatic heterocycles as well as polyfuran, pyrrole and pyridine structures.