Sewage sludge and waste biomass are unavoidable byproducts of municipal and industrial processes. Both materials have significant carbon contents. Activated coke with a developed pore structure can be obtained after its physical activation. In this study, sewage sludge and waste poplar bark were used as precursor materials to prepare activated coke by steam, carbon dioxide gas, and their mixtures. The effects of different concentrations of activation gas on the activated coke product were investigated. Through nitrogen adsorption analysis, it was found that activated coke has a higher specific surface area and better pore structure when activated in gas containing 20% steam. The activated coke prepared by carbon dioxide gas activation has higher microporosity than that prepared by steam activation. Infrared spectrum analysis shows that steam activation is beneficial to the formation of free hydroxyl functional groups. Through scanning electron microscopy analysis, the pores of activated coke prepared by steam activation appeared to extend deeper in the structure of the coke, while the pores of activated coke prepared by carbon dioxide activation appeared to have fine circular structures. The activated coke prepared by the activation of mixed gas appeared to have ablated particles on the surface due to the ablation of the pore structure. In order to prepare activated coke with excellent adsorption performance, the physical and chemical properties of activated coke under different activation conditions were studied in detail.