The structural and optical properties of technologically interesting pyrolytic carbons formed from cured novolac resin and cured novolac/biomass composites were studied by X-Ray Diffraction Analysis (XRD), and Fourier Transform Infrared (FTIR), Raman and Photoluminescence (PL) spectroscopy. Pyrolysis of the cured materials took place at temperatures in the range 400–1000 °C. The most important weight loss, shrinkage and structural changes of pyrolyzed composites are observed at temperatures up to 600 °C due to the olive stone component. In the same temperature range, the changes in pyrolyzed novolac are smaller. The spectroscopic analysis shows that novolac pyrolyzed up to 900 °C has less defects and disorder than the composites. However, above 900 °C, pyrolyzed novolac becomes more disordered compared to the pyrolyzed composites. It is concluded that partial replacement of novolac by olive stone in the composite materials leads to the formation of a low cost, good quality product.