Solid biofuels produced from torrefaction have improved coal-like properties in comparison to raw biofuels, yet ensuring uniform product quality is still a challenge. In this study, downstream torrefaction of wood pellets was performed at temperatures between 200 and 270 °C in a rotary kiln reactor to understand the effect of torrefaction temperature on product quality. The torrefied solid biofuel was compared with dedicated fuel properties defined in ISO/TS 17225-8:2016-12. Based on the results, the optimal temperature for downstream torrefaction was found at temperatures of 230 and 250 °C. Above this temperature, the effect of bulk density superimposes not only the increased net calorific value but also values for mechanical durability, amount of fines, and bulk density of the solid biofuel, which were below the thresholds of the fuel standard. Moreover, increasing process temperatures caused higher heavy metal concentrations in torrefied pellets. The composition of condensable and non-condensable fractions of the torr-gas substantially increased between temperatures of 230 and 250 °C and remained on a similar level at higher temperatures. Thus, the utilization of torr-gas for energy recovery purposes and as a precursor for the recovery of valuable chemicals should be balanced with the quality of the solid biofuel in the aforementioned range of torrefaction temperatures to enable the utilization of torrefaction products at further steps.