This paper studies the influence of carbonaceous components on the optical properties of particulate matter (PM) in biodiesel combustion by conducting a bench test on an electronically controlled high-pressure common-rail diesel engine. In addition, the PM produced by the combustion of diesel oil, soybean oil methyl ester (SME), waste edible oil methyl ester (WME), and palm oil methyl ester (PME) was collected. The carbonaceous composition and optical properties of diesel and three biodiesel particulates were then analyzed. The obtained results showed that the ratio of organic carbon (OC) to total carbon (TC) in diesel PM was 0.25 and the ratio of OC/EC was 0.33. The OC to TC ratio of biodiesel PM was significantly greater than that of diesel PM, ranging between 0.59 and 0.65, with OC/EC values in the range of 1.44–1.86. The mass absorption cross-section (MAC) values of three kinds of biodiesel particles were all higher than those of diesel particles. When the incident laser wavelength increased, the difference of MAC values among four kinds of fuel particles gradually decreased. The MAC values of all the three biodiesel particles were higher than those of the diesel particles, and the difference between the MAC values of the four fuel particles gradually decreased with the increase of the incident laser wavelength. Afterwards, the “shell-core” model of particles was developed with 80 nm EC sphere as the core. At the two refractive indices, the scattering cross section, absorption cross section, and extinction cross section of the particles decrease with the increase of the incident light wavelength, and the scattering cross section, absorption cross section, and extinction cross section of the particles increase with the increase of the OC coating thickness.