This study investigated the characteristics of biochars derived from the pyrolysis of rubberwood sawdust (RWS) and sewage sludge (SS) and their co-pyrolysis at mixing ratios of 50:50 and 75:25. Biochars were produced at 550 °C through slow pyrolysis in a moving bed reactor and then characterized. Results showed that the rubberwood sawdust biochar (RWSB) had high carbon content (86.70 wt%) and low oxygen content (7.89 wt%). By contrast, the sewage sludge biochar (SSB) had high ash content (65.61 wt%) and low carbon content (24.27 wt%). The blending of RWS with SS at the mentioned ratios helped enhance the gross and element contents of the biochar samples. The elemental analysis of the biochars was also reported in the form of atomic ratios (H/C and O/C). The functional groups of biochars were observed by Fourier-transform infrared spectroscopy (FTIR). X-ray fluorescence spectroscopy (XRF) revealed that the biochar from SS contained a high content of inorganic elements, such as Si, Ca, Fe, K, Mg, P, and Zn. The pH of the biochars ranged from 8.41 to 10.02. Brunauer, Emmett, and Teller (BET) and scanning electron microscopy (SEM) showed that RWSB had a lower surface area and larger pore diameter than the other biochars. The water holding capacity (WHC) and water releasing ability (WRA) of the biochars were in the range of 1.01–3.08 mL/g and 1.19–52.42 wt%, respectively. These results will be the guideline for further application and study of biochar from RWS, SS, and blended samples.