Microalgae are photoautotrophic microorganisms which comprise of species from several phyla. Microalgae are promising in producing a varieties of products, including food, feed supplements, chemicals, and biofuels. Medicinal supplements derived from microalgae are of a significant market in which compounds such as -carotene, astaxanthin, polyunsaturated fatty acids (PUFA) such as docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), and polysaccharides such as -glucan, are prominent. Microalgae species which are commonly applied for commercial productions include Isochrysis sp., Chaetoceros (Chlorella sp.), Arthrospira sp. (Spirulina Bioactive) and many more. In this present review, microalgae species which are feasible in metabolites production are being summarized. Metabolites produced by microalgae as well as their prospective applications in the healthcare and pharmaceutical industries, are comprehensively discussed. This evaluation is greatly assisting industrial stakeholders, investors, and researchers in making business decisions, investing in ventures, and moving the production of microalgae-based metabolites forward.