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From the past several years, algal biotechnology has gained noticeable interests among research-based organizations and industrial sectors. Recent studies have provided considerable evidence that microalgae-derived bioactive compounds could play a vital role in bio- and non-bio sectors of the modern world. Microalgae-based industrial exploitability ranges from basic biomass-based food and feeds nutraceuticals to high-value pharmaceuticals, cosmeceuticals, ecological and biomedical applications. With ever increasing scientific knowledge, social and environmental awareness, bio-inspired synthesis of microalgae-based green products, and recent advancements in algal biotechnology will extend the utilization of microalgae into new areas. Microalgae offer high biodiversity with an enormous potential to produce structurally complex yet bioactive compounds which are either impossible or difficult to produce via synthetic routes. In this paper, a range of value-added bioactive compounds from microalgae with industrial potentialities has been reviewed. The contribution ended with a critical description of the main research gaps and envisioned with future considerations to progress further in this exciting era of research.