Microalgae are capable producers of food, feed supplement, chemicals, and biofuels. Marine microalgae and cyanobacteria are rich in several chemical compounds therefore, they could be used in some biological applications related with health benefits. Through microalgae, a wide variety of compounds such as polyphenols, polyunsaturated fatty acids (PUFA), or phytosterols can be obtained. However, unexplored natural sources of bioactive ingredients are gaining much attention since they can lead to the discovery of new compounds or bioactivities. This review brings the bioactive compounds produced by different microalgae, which have wide range of application in Textile industries, Pharmaceutical industries, Food industries and Petrochemical industries.