Nitrogen and phosphorus play essential roles in ecosystems and organisms. However, with the development of industry and agriculture in recent years, excessive N and P have flowed into water bodies, leading to eutrophication, algal proliferation, and red tides, which are harmful to aquatic organisms. Biochar has a high specific surface area, abundant functional groups, and porous structure, which can effectively adsorb nitrogen and phosphorus in water, thus reducing environmental pollution, achieving the reusability of elements. This article provides an overview of the preparation of biochar, modification methods of biochar, advancements in the adsorption of nitrogen and phosphorus by biochar, factors influencing the adsorption of nitrogen and phosphorus in water by biochar, as well as reusability and adsorption mechanisms. Furthermore, the difficulties encountered and future research directions regarding the adsorption of nitrogen and phosphorus by biochar were proposed, providing references for the future application of biochar in nitrogen and phosphorus adsorption.