The distribution and phytochemistry of the non-nitrogen fixing, filamentous cyanobacterium (blue-green alga) Lyngbya sp., and the inherent antimicrobial and anticancer activities of its phycochemicals as well as of the biosynthesized nanoparticles as their pharmaceutical potencies are considered. Several phycocompounds of curio, apramide, apratoxin, benderamide, cocosamides, deoxymajusculamide, flavonoids, lagunamides, lipids, proteins, amino acids, lyngbyabellin, lyngbyastatin, majusculamide, peptides, etc. were isolated from Lyngbya sp., which had a lot of potential pharmaceutical activities; those compounds had antibacterial, antiviral, antifungal, anticancer, antioxidant, anti-inflammatory, ultraviolet protectant, and other activities. Particularly, several Lyngbya phycocompounds had potent antimicrobial potencies, seen through in vitro controlling of several frequently encountered multidrug-resistant (MDR) clinically belligerent strains of pathogenic bacteria isolated from clinical samples. The aqueous extracts of Lyngbya sp. were used for the synthesis of silver and copper oxide nanoparticles, which were used in pharmacological trials too. The nanoparticles biosynthesized with Lyngbya sp. had several uses such as biofuel, agro-based applications, in cosmetics, and industrial uses as biopolymers, and being potent antimicrobial and anticancer agents and in drug-delivery too, as medical applications. It could be concluded that the Lyngbya phycochemicals and the biosynthesized nanoparticles have future uses as antimicrobial namely as bacterial and fungal and anti-cancer agents, with promising medical and industrial uses.