Throughout the ages, macroalgae have provided humankind with elements beneficial to human health, and often with bioactive abilities. Yet, while today we fully acknowledge such potential, especially that of the most widely known species, an even greater number of species remain unaknowledged. This holds particularly true for the highly diverse phylum Rhodophyta (red seaweeds) and, therefore, the present study aims to unveil the antioxidant and the antimicrobial potential of twelve red seaweed species collected in central Portugal. Results obtained from the antioxidant assays ABTS and TPC highlighted the high scavenging capacity of the coralline algae Corallina officinalis, Ellisolandia elongata and Amphiroa rigida, and the high phenolic content of Porphyra umbilicalis, whereas the antimicrobial analyses through MIC determination emphasized the activities of Sphaerococcus coronopifolius and Mesophyllum lichenoides against, respectively, Bacillus subtilis and Saccharomyces cerevisiae. This study raised awareness of the bioactive potential waiting to be discovered regarding less known Rhodophyta species, such as Amphiroa rigida and Mesophyllum lichenoides. Therefore, we believe this study provides extra steps in pinpointing Rhodophyta species with bioactive potential, encouraging further studies tailored toward a biotechnological perspective, and, ultimately, influencing current perspectives regarding the exploration of seaweeds.