Enormous annual sewage sludge (SS) volumes pose global environmental challenges owing to contamination and significant greenhouse gas emissions. Here, we investigated the economic viability of co-pyrolyzing SS and biomass waste to produce biofuels (bio-oil and gas) and biochar. Net present worth (NPW) analysis, the sale product break-even price, and sludge handling price (SHP) were used to determine the profitability of co-pyrolysis compared with SS pyrolysis alone and conventional treatment methods. In this study, the sale prices of biochar based on quality (i.e., stability, carbon sequestration effectiveness, and heavy metal content) were estimated to be 2.24, 1.44, and 0.98 CAD/kg for high-, medium-, and low-grade biochar. The bio-oil prices, estimated based on the higher heating values of bio-oil and diesel, ranged from 0.80 to 1.22 CAD/kg. Sawdust (SD) and wheat straw (WS) were the chosen co-pyrolysis feedstocks, with four mixing ratios (20, 40, 60, and 80 wt%). Economically, SD (40 wt% mixing ratio) co-pyrolysis achieved the best performance, with a maximum NPW of 8.71 million CAD. SD single and co-pyrolysis were the only profitable scenarios. Moreover, SS single pyrolysis and WS co-pyrolysis exhibited higher profitability than conventional SS treatment methods, with SHPs of 65 and 40 CAD/1000 kg dry sludge, respectively. Sensitivity analysis highlighted the dependence of economic performance on biochar and bio-oil market value. This study offers the first economic analysis of this approach and enhances our understanding of the potential of co-pyrolysis for biofuel and biochar production, providing innovative solutions for the environmental challenges of SS disposal.