Microalgae are likely to become a part of our everyday diet in the near future as they are considered to be rich in proteins, carbohydrates, and high density lipoproteins. They will play a pivotal role in the food cycle of many people around the globe. Use of microalgae in treating wastewater is also one of the disciplines which are luring researchers as this contributes to a sustainable way of exploiting resources while keeping the environment safe. In addition, microalgal biomass also has the potential to be used as a feedstock for producing biofuel, bio fertilizers, pharmaceuticals, nutraceuticals and other bio-based products. This review presents the different value-added products obtained from microalgal biomass and the applicability of these products commercially.