Seaweeds are a rich source of bioactive compounds as discovered by many research studies in recent history. Even though there are numerous methods to generate certain bioactive compounds from chemical modifications, advantages of extracting them from natural seaweeds have exceeded the artificial synthesis. However, practical applications of seaweeds are mainly observed to pharmaceutical industry, drug development and functional foods so far. This is due to the bioactive properties such as antiviral, antitumor, anticancer, anti-inflammatory and antilipidemic beneficial for such industries. Functional food market has also indicated a steady growth due to the health-conscious consumption pattern of the people creating even more demand on seaweeds. Most of the countries surrounded by coastal regions have indicated a growth of research on seaweeds in order to utilize them as biofuel. Idea behind this review is to provide a brief but a comprehensive understanding of metabolites, bioactive properties and applications of seaweeds.