Marine microalgae offer a promising feedstock for biofuels and other valuable compounds for biorefining and carry immense potential to contribute to a clean energy and environment future. However, it is currently not economically feasible to use marine algae to produce biofuels, and the potential bioactive chemicals account for only a small market share. The production of algal biomass with multiple valuable chemicals is closely related to the algal species, cultivation conditions, culture systems, and production modes. Thus, higher requirements for screening of dominant algal strains, developing integrated technologies with the optimum culture conditions, efficient cultivation systems, and production modes to exploit algal biomass for biorefinery applications, are all needed. This review summarizes the screening of dominant microalgae, discusses the environmental conditions that may affect the growth, as well as the culture systems and production modes, and further emphasizes the valorization options of the algal biomass, which should help to offer a sustainable approach to run a profitable marine algae production system.