This study analyzed the chemical speciation, leaching ability, and environmental risk of heavy metals (Cd, Cr, Cu, Ni, Pb, and Zn) in cow manure biochar (CMBC) pyrolyzed at various temperatures. The total content, chemical speciation, and leaching ability of the heavy metals were determined through microwave digestion, modified BCR three-step sequential extraction procedure, and leaching solution systems (TCLP, distilled water, and SPLP). The risk assessment code, Muller geo-accumulation index, potential ecological risk index, and germination index were used to evaluate the environmental safety and ecotoxicity of heavy metals. Significant differences were observed in the physicochemical properties of CMBCs. The heavy metal contents in CMBCs were higher than those in CM. The bioavailable fraction of heavy metals was transformed into a relatively stable fraction with increasing pyrolysis temperature. Furthermore, the potential risks and ecotoxicity of biochar were reduced, thus improving environmental safety. The study results provide important data for biochar applications.