Torrefaction was applied to enhance the fuel properties of sawdust (SD) and bark wood (BW), biomass wastes from the rubberwood processing industry. Design Expert (DE) software was used in an experimental design to study the effects of affecting factors including torrefaction temperature and time as well as the biomass size towards the desirable properties such as HHV, mass yield, fixed carbon content, and eco-efficiency values. Promising results showed that the HHVs of the torrefied SD (25 MJ/kg) and BW (26 MJ/kg) were significantly increased when compared to preheated SD (17 MJ/kg) and preheated BW (17 MJ/kg) and in a range similar to that of coal (25–35 MJ/kg). The TGA, FTIR, biomass compositions, and O/C ratios suggested that thermochemical reactions played a significant role in the torrefaction at which thermal degradation coupled with possible in situ chemical reactions took place, to some extent. The optimal conditions of the torrefaction were identified at 320 °C and 30 min for SD, and 325 °C and 30 min for BW. The maximum HHVs at the optimal condition were 22, 23, and 20 MJ/kg while the eco-efficiency values were 29.18, 27.89, and 13.72 kJ/kg CO2_eq*THB for torrefied SD, torrefied BW, and coal, respectively. The findings of this study indicate that torrefied rubberwood residues enhanced HHV, eco-efficiency, and less contribution to CO2 emissions compared to fossil fuels.