The growing demand for energy biomass encourages the use of waste and by-products from agriculture. The aim of this study was to assess the suitability of tobacco stalks (TSs) for energy use in the combustion and anaerobic digestion (AD) process, as well as the technical and environmental effects of energy production from this waste raw material. Laboratory tests were conducted on the energy parameters of TS biomass, the chemical composition of ash from its combustion, and the efficiency and composition of biogas generated during the AD process of TS silage with various silage additives. The tests were conducted in accordance with the standards applicable to biomass fuels. The energy yield and emission reduction obtained by the replacement of conventional energy sources were calculated. The energy parameters of TS were inferior compared to the raw materials most often burned in boilers (wood, straw). The high ash content (7.31% in dry mass) and its chemical composition may adversely affect heating devices. Methane yield from TS silage was lower (18.55–24.67 m3/Mg FM) than from silage from crops grown for biogas plants (i.e., 105 m3/Mg for maize silage). Silage additives improved TS silage quality and methane yield (from 18.55 to 21.71–24.67 m3 CH4/Mg in case of silages with additives. Energy yield and emission reduction were higher in the case of TS combustion, but AD is a process consistent with the circular economy. Both TS energy management processes are in line with the Sustainable Development Goals as they prevent the devaluation of agricultural waste, providing a valuable resource for bioenergy.