In this study, cow manure was hydrothermally treated in a 2-litre reactor for 1 h at temperatures between 100 °C and 260 °C. Both the raw manure and the solid and liquid products of the hydrothermal treatment were characterized to understand the fate of the inorganic elements and to assess the suitability of the products for land applications and energy recovery. Satisfactory elemental balances were obtained for the organic and most inorganic elements and indicated that most inorganic elements were incorporated into the solids with lower solubility, with the exception of potassium and sodium, which were mostly solubilized in the process water; calcium and chlorine were also solubilized to a lesser extent in the process water. Elemental composition and surface functional groups showed that hydrochar produced within the hydrothermal carbonization range (180–260 °C) seemed better suited for utilization as a soil amendment than raw cow manure. The potential for energy recovery lies in the anaerobic digestion of the process water, from which higher methane yields can be obtained than from raw cow manure. Lower temperatures in hydrothermal carbonization are considered a compromise for the safe land applications of cow manure, energy recovery from the process water, and enhanced dewaterability. These findings can help to eliminate bottlenecks in the upscaling of cow manure hydrothermal treatment and promote the circular bio-economy.