The paddy field is a major source of gaseous carbon and nitrogen emissions, and reducing these emissions is of great significance for mitigating greenhouse effects and non-point source pollution in farmland. Biochar, derived from agricultural waste, possesses a stable structure, large specific surface area, abundant pore structures, and surface functional groups. These characteristics could enhance soil physicochemical properties and microbial activity, thereby facilitating the dual goals of increasing crop yield and reducing emissions. Based on numerous studies, this review summarizes the effects of biochar on the emissions of carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and ammonia volatilization (NH3), as well as on global warming potential (GWP) and greenhouse gas emission intensity (GHGI). It elucidates the mechanism of emission reduction by biochar amendment from the perspective of carbon and nitrogen conversion processes and soil physicochemical and biological properties. Numerous studies showed the application of 5~40 t ha−1 biochar reduced CO2, CH4, N2O, and NH3 emissions by 1.64~89.6%, 8.6~89.6%, 10~90%, and 12.27~53%, respectively. A small number of studies found that the application of 5~48 t ha−1 biochar increased CO2, CH4, N2O, and NH3 emissions by 12~37%, 19.85~176%, 13~84.23%, and 5.47~70.9%, respectively. Most scholars have found that biochar has varying degrees of emission reduction capabilities in different parts of the world. Therefore, future research directions have been suggested for utilizing biochar to reduce carbon and nitrogen emissions in paddy fields.